Stocks rise in volatile session as investors assess Gilead virus treatment, oil rebound
Stocks were taken for a wild ride on Thursday that showed just how important finding a treatment for the coronavirus is for Wall Street.
The Dow Jones Industrial Average slashed a 400-point gain and nearly went negative after The Financial Times said — citing documents accidentally published by the World Health Organization — that Gilead Sciences’ drug remdesivir did not improve patients’ condition or reduce the coronavirus pathogen in their bloodstream. Those findings, according to the report, came from a clinical trial in China.
But the major averages rebounded after Gilead took issue with the report, saying: “Because this study was terminated early due to low enrollment, it was underpowered to enable statistically meaningful conclusions. As such, the study results are inconclusive, though trends in the data suggest a potential benefit …continued .
[Source: CNBC News]