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Stocks - Wall Street off Lows After Gilead Treatment Scare

Published 04/23/2020, 01:08 PM
Updated 04/23/2020, 01:13 PM
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By Yasin Ebrahim 

Investing.com – Wall Street moved off session lows Thursday, recovering from a slip following reports that Giliead potential Covid-19 treatment had failed to show an improvement in coronavirus patients.

The Dow rose 0.88%, or 206 points, the S&P 500 was up 0.69% and the Nasdaq Composite gained 0.73%.

“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.

Gilead Sciences (NASDAQ:GILD) said the data suggest a "potential benefit," according to STAT News, which saw the document, but its shares fell 3%.

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 9%. Robert Half (NYSE:RHI) rose 6% and Textron (NYSE:TXT) gained 5%.

The wave of earnings continued to underscore the impact of coronavirus-led disruptions.

 
Domino’s Pizza (NYSE:DPZ) reported a 7% rise in U.S. same-store sales, but pulled its guidance, citing economic and business uncertainty due to the virus outbreak.  

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