(Reuters) – U.S. stocks surged on Wednesday as expectations of an effective COVID-19 treatment prompted a broad rally and helped investors shrug off bleak GDP data and words of warning from U.S. Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average .DJI rose 527.85 points, or 2.19%, to 24,629.4, the S&P 500 .SPX gained 76.17 points, or 2.66%, to 2,939.56 and the Nasdaq Composite .IXIC added 306.98 points, or 3.57%, to 8,914.71.

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