Wall Street pares gains on report of potential coronavirus drug failing trial | #riskmanagement | #security | #ceo

FILE PHOTO: A woman walks in the rain outside the New York Stock Exchange (NYSE) in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S., April 13, 2020. REUTERS/Andrew Kelly

(Reuters) – Wall Street’s main indexes pared gains sharply on Thursday, after a report that Gilead Sciences experimental coronavirus drug flopped in its first randomized clinical trial.

The Chinese trial showed that Gilead’s (GILD.O) antiviral, remdesivir, did not improve patients’ condition or reduce the pathogen’s presence in the bloodstream, the Financial Times reported, citing draft documents published accidentally by the World Health Organization.

At 12:51 a.m. ET the Dow Jones Industrial Average .DJI was up 68.61 points, or 0.29%, at 23,544.43, the S&P 500 .SPX was up 7.46 points, or 0.27%, at 2,806.77 and the Nasdaq Composite .IXIC was up 33.58 points, or 0.40%, at 8,528.96.

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva

Our Standards:The Thomson Reuters Trust Principles.

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