MARKET OPEN: Domestic market may follow Wall Street higher on drug hope

Thu, 30 Apr 2020

A rally in global markets may lift domestic stocks after US investors shrugged off dire economic news and focused on coronavirus drug hopes. Drug-maker Gilead Sciences said its drug remdesivir is showing promise as an effective covid-19 treatment, sending its shares up more than 10 percent. The Dow Jones Industrial Average was up 2.2 percent at 8am in Wellington, while the Nasdaq was up 3.6 percent and the S&P 500 had lifted 2.7 percent. "The response of equity markets to good news - any good news - has been swift. However, we are mor...

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