Wall Street gains as Gilead data offsets coronavirus fears; Dow leads gains
US stocks rose on Friday as a positive update from Gilead Sciences Inc’s antiviral drug to treat Covid-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to further impact companies.
Gilead’s remdesivir significantly improved clinical recovery and reduced the risk of death in Covid-19 patients, additional data from a late-stage study showed. The drugmaker’s shares rose 2.3% as it said the finding required confirmation in clinical trials.
The United States registered the largest single-day increase in new Covid-19 infections globally for the second day in a row on Thursday, forcing Americans to take new precautions. Several states have already backpedaled on reopening plans. Business Standard reports.