Financial safety

US STOCKS-Wall Street rallies on promising coronavirus drug

Drugmaker Gilead Sciences Inc announced that its drug remdesivir is showing promise as an effective COVID-19 treatment, giving a boost to the broader market and sending its shares up 5.7%.

The U.S. economy suffered its sharpest decline in 11 years, with first-quarter GDP contracting at a 4.8% quarterly annualized rate according to the Commerce Department, marking the end of the longest U.S. economic expansion on record.

Many believe the worst is yet to come.

At the conclusion of its two-day monetary policy meeting, the Fed left key interest rates near zero and Chair Jerome Powell warned the economy will drop at an "unprecedented rate" in the current quarter.