April 23, 2020 / 5:04 PM / a month ago

US STOCKS SNAPSHOT-Wall St pares gains on report of potential coronavirus drug failing trial

April 23 (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 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 was up 68.61 points, or 0.29%, at 23,544.43, the S&P 500 was up 7.46 points, or 0.27%, at 2,806.77 and the Nasdaq Composite was up 33.58 points, or 0.40%, at 8,528.96. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva)

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