Stocks soar on Gilead hope | S&P 500 on track for best month since '74 | GDP shrinks 4.8%

Encouraging results from Gilead's remdesivir trials boosted stocks.

VIEW IN BROWSER | SUBSCRIBE WED, APR 29, 2020 EVENING BRIEF AS OF WED, APR 29, 2020 • 04:14 ET DJIA 24633.86 +2.21% +532.31 S&P 500 2939.51 +2.66% +76.12 NASDAQ 8914.71 +3.57% +306.98   Most Active DOW NAME LAST CHG %CHG BA 139.00 +7.70 +5.86% MSFT 177.43 +7.62 +4.49% AAPL 287.73 +9.15 +3.28% S&P 500 NAME LAST CHG %CHG GE 6.58 -0.22 -3.24% F 5.26 -0.12 -2.23% AAL 12.63 +1.37 +12.17% NASDAQ NAME LAST CHG %CHG AAL 12.63 +1.37 +12.17% AMD 53.66 -1.85 -3.33% GILD 83.14 +4.47 +5.68% EDITOR'S NOTE The nation's economy shrank even more than expected in the first quarter, but stocks soared on promising data from a coronavirus treatment trial.   U.S. gross domestic product contracted by 4.8% in the quarter - which hadn't been hit by pandemic shutdowns until mid-March.   "It's pretty stunning how little time it took to derail a whole quarter," said Diane Swonk, chief economist at Grant Thornton.  CNBC's Patti Domm writes that the new data has economists and analysts reviewing their forecasts for a much worse second quarter with GDP expected to decline as much as 45%.   Federal Reserve Chairman Jerome Powell on Wednesday reiterated promises to keep interest rates low and do whatever it takes to steer the economy safely through the coronavirus pandemic.   For stock investors, how far the economy falls is not as pressing as how long the decline lasts - and that's a function of getting a handle on the virus. The market rose on positive clinical trial results from Gilead. White House health advisor Dr. Anthony Fauci also offered hopeful words for Gilead's drug remdesivir.   "What it has proven is a drug can block this virus," he said.   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Stocks jump 2%, putting the S&P 500 on track for its best month since 1974 US GDP shrank 4.8% in the first quarter amid biggest contraction since the financial crisis Gilead says early results of coronavirus drug trial show improvement with shorter remdesivir treatment Fed pledges to keep rates near zero until full employment, inflation come back Powell says the economy will likely need more support from the Fed for the recovery to be 'robust' FDA in 'ongoing' talks with Gilead to make remdesivir available to coronavirus patients 'as quickly as possible' Track the latest coronavirus news here Oil jumps on smaller-than-expected inventory build, optimism around reopening economies Pending home sales tank nearly 21% in March, but Realtors claim prices will hold up Fed holds rates near zero — here's what that means for you     TOP VIDEO Fed Chair Powell says we'll see economic data in second quarter that's 'worse than any data we've seen'   CNBC PRO These retail stocks will do the best as economy reopens, Bank of America says   SPECIAL REPORTS Retail stocks track for best month ever, but trader says only two are a buy One sector could benefit from this market rotation, trader says   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS