Wall Street pares gains on report of potential coronavirus drug failing trial

(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 (GILD.O) 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 .DJI was up 68.61 points, or 0.29%, at 23,544.43, the S&P 500 .SPX was up 7.46 points, or 0.27%, at 2,806.77 and the Nasdaq Composite .IXIC was up 33.58 points, or 0.40%, at 8,528.96.

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