U.S. stocks advanced amid renewed hopes for a drug to fight the coronavirus, helping investors shrug off data showing the biggest economic contraction since 2008 in the first quarter. The dollar slipped.The S&P 500 index climbed about 2% after Gilead Sciences Inc. said positive data had emerged from the trial of its potential treatment for the coronavirus. Big tech shares got a lift after Alphabet Inc. posted better-than-estimated sales.The Stoxx Europe 600 index headed for a third straight gain. Italy’s bonds slipped after Fitch Ratings cut the nation’s assessment to the lowest investment grade. WTI oil futures rebounded after plunging 27% in two sessions. 1/86 A motorist makes a statement on their car as a pedestrians walk past in Newport Beach. (Allen J. Schaben/Los Angeles Tim) 2/86 Healthcare workers celebrate as Claudia Martinez is discharged from the ICU after she reocvered from COVID-19 at Scripps Mercy Hospital in Chula Vista. (Marcus Yam/Los Angeles Times) 3/86 Carson residents Kaeli Burks, 3, left, and her cousin Bailey Watson, 5, look out the window of their car after their mothers helped them with self-testing at a new drive-up testing site for COVID-19 in Carson. Free COVID-19 testing is available to all city residents… Read full this story
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