Why Discover Financial Stock Jumped 15% Today
Shares of Discover Financial Services (NYSE: DFS) popped nearly 15% on Wednesday, following news of progress toward an effective COVID-19 treatment.
Biotechnology giant Gilead Science (NASDAQ: GILD) announced positive results from its clinical trials for its experimental antiviral drug remdesivir, which suggests that it could potentially help those infected with the disease recover faster. Health officials say Gilead's drug will now become the new standard of care for COVID-19 patients.
The news sparked a rally in the financial markets, as investors grew hopeful that an effective treatment for COVID-19 could help the economy recover sooner than expected. Discover and other financial stocks were some of the biggest gainers.
Source Fool.com
