Scientists on Wednesday announced the first effective treatment against the coronavirus – an experimental drug that can speed the recovery of COVID-19 patients – in a major medical advance that came as the economic gloom caused by the scourge deepened in the U.S. and Europe.
The U.S. government said it is working to make the antiviral medication remdesivir available to patients as quickly as possible.
“What it has proven is that a drug can block this virus,” said Dr. Anthony Fauci, the U.S. government’s top infectious-disease expert. “This will be the standard of care.”
Stocks surged around the world on the news, with the Dow Jones Industrial Average gaining more than 530 points on the day, or over 2%.
Still, word of the new drug came as the U.S. government reported that American economic output is shriveling in the biggest and fastest collapse since the Depression. The virus has killed over 220,000 people worldwide, including more than 60,000 confirmed deaths in the U.S., and led to lockdowns and other restrictions that have closed factories and other businesses around the globe.