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Investing.com – Wall Street gave back gains on Tuesday after data showed that Gilead Sciences’ antiviral medicine remdesivir failed to speed the improvement of patients with Covid-19.
“A draft document was provided by the authors to WHO and inadvertently posted on the website and taken down as soon as the mistake was noticed. The manuscript is undergoing peer review and we are waiting for a final version before WHO comments,” said WHO spokesperson Tarik Jasarevic.
The Dow rose 0.36%, or 85 points, the S&P 500 was up 0.12% and the Nasdaq Composite was flat.
Gilead Sciences (NASDAQ:GILD) said the data suggest a “potential benefit,” according to STAT News, which saw the document, but its shares fell 3.8%.
The news dealt a blow to investor sentiment on big pharma rolling out a potential Covid-19 therapy that could support efforts to get the U.S. open for business again, with states lifting restrictions this week.
Following a historic rout earlier this week, oil prices eased from highs but remained well bid helping energy stocks keep a lid on the downside move in the broader market.
Signs the curve of jobless claims was flattening also underpinned investor sentiment, with the U.S. Labor Department reporting that 4.427 million people filed for unemployment insurance, down 810,000 from the prior week’s downwardly revised 5.237 million and down 2.44 million from the record of 6.867 million seen in late-March .
Upside in the broader market was also supported by gains in industrials, led by Old Dominion Freight Line (NASDAQ:ODFL) up 8.79%, Robert Half (NYSE:RHI) rose 5.03% and Textron (NYSE:TXT) 4.92%.
The wave of earnings continued to underscore the impact of coronavirus-led disruptions.
