Stocks rose in choppy trading Friday as traders digested news about a potential coronavirus treatment as well as another record spike in virus cases.

The Dow Jones Industrial Average traded 200 points higher, or 0.8%. The S&P 500 climbed 0.4%. The Nasdaq Composite lagged, trading just below the flatline.

Gilead Sciences said its coronavirus treatment candidate, remdesivir, “was associated with an improvement in clinical recovery and a 62 percent reduction in the risk of mortality compared with standard of care.” The news sent Gilead shares up more than 2%.

BioNTech’s CEO also told The Wall Street Journal the company’s coronavirus vaccine candidate could be ready for approval by December. The company’s U.S.-listed shares rose 6%.

The news led to a rotation out of major tech stocks and into companies that would benefit from the economy reopening. Facebook, Amazon, Alphabet, Apple and Microsoft were all lower. Delta Air Lines, United and American all gained at least 1%. Bank shares such as JPMorgan Chase and Citigroup rose 2.1% and 1.8%, respectively.

Gilead and BioNTech’s comments came after the U.S. reported more than 63,000 additional coronavirus cases, a record. The country’s seven-day average now stands at more than 53,000 cases.

Source: CNBC