US STOCKS-Wall St jumps on coronavirus drug hopes; Fed in focus

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U.S. stocks jumped to seven-week highs on Wednesday as Gilead Sciences gave an encouraging update on a potential COVID-19 treatment and upbeat earnings from Google-parent Alphabet boosted the so-called market-leading FAANG stocks. Gilead rose 7% after the drugmaker said its experimental antiviral treatment remdesivir helped improve symptoms for COVID-19 patients who were given the drug early. Supporting markets further was Alphabet Inc’s 8.6% surge as its quarterly report showed a drop in Google ad sales steadied in April.

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