Stocks Jumped amid Coronavirus Treatment Hopes

U.S. stocks jumped at the open on Wednesday, as the panic that has spread through stock markets over the coronavirus is easing as in the infection rate slows. The Dow Jones Industrial Average lately rose 311.73 points, or 1.08%, to 29,119.36. The S&P 500 added 28.99 points, or 0.88%, to 3,326.58. The Nasdaq Composite gained 62.50 points, or 0.66%, to 9,530.48.

U.S. oil futures on Wednesday aimed to halt a five-session skid. West Texas Intermediate crude for March delivery was trading $1.18, or 2.4%, higher at $50.78 a barrel. April Brent crude gained $1.31, or 2.4%, to $55.27 a barrel.

China’s s Changjiang Daily reported that researchers at Zhejiang University had zeroed in on two drugs to successfully fight the coronavirus, while Sky News reported progress toward a vaccine.