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Markets see boost from Gilead coronavirus news

A mask covers the face of The Fearless Girl statue outside of The New York Stock Exchange. The markets rose Friday as drugmaker Gilead Sciences reported a positive study showing its antiviral remdesivir helped treat coronavirus. File Photo by John Angelillo/UPI
A mask covers the face of "The Fearless Girl" statue outside of The New York Stock Exchange. The markets rose Friday as drugmaker Gilead Sciences reported a positive study showing its antiviral remdesivir helped treat coronavirus. File Photo by John Angelillo/UPI | License Photo

July 10 (UPI) -- The major U.S. stock indexes finished the week on the upswing Friday, spurred in part by a promising study from Gilead on a potential coronavirus treatment.

The Dow Jones Industrial Average closed up 1.4 percent Friday and the S&P 500 rose 1 percent. The Nasdaq Composite received help from a 2 percent rise in Gilead Sciences shares, closing up 0.6 percent.

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All three indexes finished on the positive side for the week, with 0.9 percent for the Dow, 1.7 percent for the S&P 500 and 4 percent for Nasdaq.

Gilead reported earlier Friday that its antiviral drug remdesivir lowered the risk of death from COVID-19 by 62 percent compared with standard care alone.

The drug was developed to treat viruses such as Ebola.

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