European stocks closed higher on Friday after a report that a drug developed by Gilead Sciences was showing effectiveness in treating the coronavirus.

The pan-European Stoxx 600 provisionally closed 2.4% higher, with travel and leisure stocks surging over 6% to lead gains as all sectors and major bourses traded in positive territory.

Global stock markets rallied after STAT news reported that a Chicago hospital treating coronavirus patients with Remdesivir in a trial were recovering rapidly from severe symptoms.

Meanwhile, countries around the world including the U.S. and Germany, Europe’s largest economy, are beginning to implement plans to lift lockdown measures as the rate of new cases declines.

Source : CNBC