U.S. Stocks Rally on Hopes for Coronavirus Drug: Markets Wrap

Megacap tech companies rally as Alphabet sales top estimates
Federal Reserve policy makers see medium-term risks on growth

Powell Says Fed Will Use Powers Forcefully to Combat Virus Impact(Source: Bloomberg)

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By Vildana Hajric and Sarah Ponczek

April 28, 2020 at 9:32 PM UTC

Updated on

April 29, 2020 at 8:01 PM UTC

This article is for subscribers only.

U.S. stocks rallied to a seven-week high on better-than-estimated revenue for Google’s parent company and hopes for a coronavirus treatment. Oil surged.

The S&P 500 Index gained 2.7% in a broad advance, with four stocks up for every one that fell after Gilead Sciences Inc. said its experimental drug helped Covid-19 patients recover faster. The Nasdaq Composite Index rose to within 1% of erasing losses for the year, led by Alphabet Inc. after it reported an ad-sales slowdown that wasn’t as bad as expected.