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'It's a Positive Event, But We're Going to be Very Careful as We Open': New Progress on COVID-19 Treatment Announced 

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WASHINGTON - Gilead Sciences, the maker of the drug remdesivir, announced encouraging results Wednesday, saying the drug can "block the virus." 

"The data shows that remdesivir has a clear-cut, significant, positive effect in diminishing the time to recovery," Dr. Anthony Fauci said. 

Dr. Fauci said the drug could "open the door" to a possible COVID-19 treatment after early results revealed it diminished the time to recover from the virus. 

"It's a positive event from that standpoint but we are going to be very careful as we open, a lot of governors are reopening," said President Trump. "We are doing it very carefully."

Word of the drug's results sent its maker's stock soaring, helping boost the entire market. 

"This is one of the best weeks we've had in the stock market that we've had since the 1950s or 1940s, so I think there is a tremendous feeling of optimism," Trump said. 

The day began with bad news, however, with the word the US economy shrunk by 4.8% in the first quarter. 

It's the biggest decline since the records began in 1947. 

The Gross Domestic Product measures the output of goods and services. Consumer spending which accounts for roughly 70% of the GDP is down due to most of the country facing stay at home orders. 

To top that, more than 26 million Americans have filed for jobless benefits following a wave of layoffs. 

President Trump hopes that spending will increase as states begin to reopen. Tennessee and Wisconsin rolled back stay-at-home orders Wednesday, but many Americans could remain fearful to shop, travel, and eat out at restaurants. 

Health experts warn the virus could also flare up again with the increased activity which might force some businesses to again close their doors. 

Forecasters say this drop is a sign of likely worse things to come in the next report due between April and June. 

Trump expects a "big rise" in the third quarter followed by an "incredible fourth quarter." 

"We had the best economy ever and we're going to have it again," Trump said. 

Public health officials say the key to getting the economy back up and keeping it running is greater testing for the virus and the antibodies to fight it. 

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About The Author

Ben
Kennedy

Ben Kennedy is an Emmy Award-winning White House correspondent for CBN News in Washington, D.C. He has more than a decade of reporting experience covering breaking news nationwide. He's traveled cross country covering the President and scored exclusive interviews with lawmakers and White House officials. Kennedy spent seven years reporting for WPLG, the ABC affiliate in Miami, Florida. While there he reported live from Kingston, Jamaica, as Hurricane Matthew hit the island. He was the first journalist to interview Diana Nyad moments after her historic swim from Cuba to Key West. He reported