Here’s what happened to the stock market on Thursday

Here’s what happened to the stock market on Thursday

Dow Jones Industrial Average advances 39 points

The Dow gained 39.44 points, or 0.17%, to close at 23,515.26. The S&P 500 lost 0.05% to 2,797.80. The Nasdaq Composite fell 0.01% to 8,494.75. Wall Street was taken for a ride that highlighted the importance of  finding a treatment for the coronavirus.

Questions over remdesivir

The Financial Times said  — citing documents accidentally published by the World Health Organization — that Gilead Sciences’ drug remdesivir did not improve patients’ condition or reduce the coronavirus pathogen in their bloodstream. Those findings, according to the report, came from a clinical trial in China. Gilead took exception with the report, saying: “it was underpowered to enable statistically meaningful conclusions.” The back-and-forth knocked the major averages from their session highs and briefly pushed the Nasdaq and S&P 500 into negative territory.

Gilead falls, energy stocks rally

Gilead shares dropped 4.34% after the FT’s report was published. Energy stocks rose broadly following another surge in oil prices. Chevron rose 2.79% while Exxon Mobil advanced 3.13%. The S&P 500 energy sector climbed 3.01%.

What happens next?

Consumer sentiment and durable goods data are set for release Friday. Verizon and Sanofi are scheduled to report earnings.  

source: https://www.cnbc.com/



Leave a Reply

Your email address will not be published. Required fields are marked *