Report Says Gilead's Remdesivir Disappoints in Trial

[sendral_nakka]

Stocks come way off earlier highs after a report says Gilead Sciences' antiviral drug, remdesivir, disappoints in its first trial.

 

 

Stocks rose Thursday but came off earlier highs after a report said Gilead Sciences'  (GILD) - Get Report antiviral drug, remdesivir, disappointed in its first trial.

The drug was seen as a possible treatment for the coronavirus.

The Chinese trial showed remdesivir didn't improve patients’ condition or reduce the pathogen’s presence in the bloodstream, according to the Financial Times, which cited draft documents published accidentally by the World Health Organization.

Gilead warned that the post included “inappropriate characterizations of the study.”

The Dow Jones Industrial Average, up 400 points at its high during the session, rose 68 points, or 0.29%, to 23,543, the S&P 500 gained 0.07% and the Nasdaq was up 0.07%.

Stocks were higher earlier in the session after oil prices jumped and the number of Americans seeking unemployment benefits for the first time rose by 4.4 million last week but slightly less than expected.

The U.S. Labor Department reported that 4,427,00 Americans filed for unemployment benefits in the week ended April 18, slightly below the 4.25 million in claims expected by analysts polled by FactSet. The five-week total now stands at more than 26 million. Continuing jobless claims - a rolling number - came in at 15.976 million.

 

“This is another terrible week for layoffs. One of the concerns is that the government support doesn’t seem to be stemming the tide here," said James McCann, senior global economist at Aberdeen Standard Investments. 

"The scale of joblessness in the U.S. is clearly larger than other economies. This is partly due to the flexibility of the labour market, but also indicative of the problems the U.S. has had ensuring that firms hold onto their workers in the way other countries have through wage subsidies,” McCann added.

Oil prices rose Thursday for a second straight day, sparked by President Donald Trump's instruction for the U.S. Navy to "shoot down" any Iranian gunboats that harass American ships at sea.

Iran on Thursday vowed a "crushing response" to threats from Trump as tensions in the Gulf region continued to escalate.

West Texas Intermediate crude oil, the U.S. benchmark, rose more than 19% to $16.45 a barrel. 

Exxon Mobil  (XOM) - Get Report shares rose 2.7% in trading Thursday, while Chevron  (CVX) - Get Report gained 2.8%

The House of Representatives, meanwhile, is expected Thursday to approve and then send to Trump a nearly $500 billion aid measure for businesses crippled by the coronavirus. The latest aid package would bring the total cost of the bills designed to cushion the blow from the coronavirus pandemic to about $2.5 trillion, according to the Congressional Budget Office.

Eli Lilly  (LLY) - Get Report posted stronger-than-expected first-quarter earnings and nudged its 2020 profit guidance modestly higher as sales of its Trulicity diabetes treatment hit $1.3 billion.

 

https://www.thestreet.com/markets/stock-market-today-dow-jones-industrial-average-unemployment-042320

 

[sri_india]

Aayinaa market padipodu ... negative news ni ignore chesthunam antunna Market peddalu 

[sendral_nakka]

hydroxychloroquine paye

remdesivir paye

 

[DummyVariable]

Dow is gonna get it now that this drug failed.

[DummyVariable]

2 hours ago, sri_india said:

Aayinaa market padipodu ... negative news ni ignore chesthunam antunna Market peddalu 

There will be a small correction at least.