Stocks are soaring after upbeat news about a potential coronavirus treatment from drugmaker Gilead Sciences offset a sharp contraction in the U.S. economy.

U.S. equity markets soared Wednesday as upbeat news about a potential coronavirus treatment from drugmaker Gilead Sciences helped offset a larger-than-expected drop in first-quarter gross domestic product. The Dow Jones Industrial Average gained 449 points, or 1.86 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 2.04Â percent and 2.23 percent, respectively.

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