Stocks rose on Wednesday, building on the week’s already strong gains, as investors recover from a recent drop sparked by coronavirus fears.
Better-than-expected jobs data also lifted investor sentiment.
The Dow Jones Industrial Average traded 270 points higher, or 1%. The S&P 500 also gained 1% while the Nasdaq Composite traded 1.1% higher.
Earlier on Wednesday, Reuters said a Chinese TV media outlet had reported that a research team at Zhejiang University had found an effective drug to treat people with the new coronavirus. The news agency, citing traders, suggested this was a reason for the move higher in stocks.