Wall St. surges on promising coronavirus drug

FILE PHOTO: The floor of the New York Stock Exchange (NYSE) stands empty as the building prepares to close indefinitely due to the coronavirus disease (COVID-19) outbreak in New York, U.S., March 20, 2020. (REUTERS/Lucas Jackson)

U.S. stocks surged on Wednesday as expectations of an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average <.DJI> rose 527.85 points, or 2.19%, to 24,629.4, the S&P 500 <.SPX> gained 76.17 points, or 2.66%, to 2,939.56 and the Nasdaq Composite <.IXIC> added 306.98 points, or 3.57%, to 8,914.71.

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