Mumbai: Stocks charged higher around the world Wednesday following an encouraging but preliminary report on a possible treatment for COVID-19. The S&P 500 rose 1.9per cent in early trading, and stocks in Europe also jumped after Gilead Sciences put out a statement noting positive data from a trial of its drug remdesivir.

According to a Bloomberg report, Gilead Sciences Inc. said early results from a U.S.- government run study showed its experimental drug to treat coronavirus helped patients recover more quickly than standard care, suggesting it could become the first effective treatment for an illness that has turned modern life inside-out.

The company put out a news release early Wednesday commenting on the study from the U.S. National Institute of Allergy and Infectious Diseases without providing details of the results Bloomberg said. Gilead’s share price and the broader stock market have been churned in recent weeks by a series of early looks and leaks of trial data on the drug, called remdesivir.

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