(CNBC) -- Stocks jumped Wednesday on the back of positive data from a potential coronavirus treatment from Gilead Sciences, while investors digested a sharp drop in U.S. economic activity.
The Dow Jones Industrial Average surged 527 points, or 2.2%. The S&P 500 gained 2.7% while the Nasdaq Composite closed 3.6% higher. The major averages held onto their gains after the Federal Reserve pledged to keep rates lower for as long as needed.
Wednesday’s gains put the S&P 500 up more than 13% for the month. That would be the index’s biggest one-month gain since 1974. The Dow is up 12.4% for April and is headed for its biggest monthly gain since 1987.
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