Wall Street stocks opened higher Friday, boosted by a report of positive preliminary testing for a coronavirus treatment and the release of broad White House guidelines for re-opening the US economy.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 24,065.38, up 2.2 percent.

The broad-based S&P 500 gained 2.0 percent to 2,855.39, while the tech-rich Nasdaq Composite Index added 1.1 percent at 8,627.55.

Optimism was high after a report in Stat News that a test of Gilead Sciences' remdesivir succeeded among several patients with severe coronavirus symptoms in a Chicago study. 

But the report cautioned that the data represents only one sample, adding "it's impossible to determine the full study results with any certainty."

Gilead, whose shares jumped more than 11 percent, told the health news website that it would comment when more data is available.

"There is a lot that still needs to be assessed on the clinical front, so the market can be accused of being overzealous at this junction," said Briefing.com analyst Patrick O'Hare.

"However, there is no mistaking that it is feeling optimistic today."

Other sources of upbeat sentiment included President Donald Trump's release of guidelines to reopen the economy.

But the recommendations issued in conjunction with medical advisors were a far cry from Trump's previous hopes for a sudden, widespread end to social distancing measures.

Instead, the president described a cautious approach in which state governors, not the White House, will take the lead -- also a retreat for Trump who had insisted he could dictate the pace of reopening.

A third positive catalyst was Boeing's announcement late Thursday that it would begin to ramp production back up at its Washington state commercial plane plants.

Shares of the aerospace giant surged more than 10 percent following the announcement, which will mean a resumption of activity for about 27,000 workers.

AFP