Wall St. edges higher as reports on California’s Gilead pandemic drug trial weighs

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Wall St. edges higher as reports on California’s Gilead pandemic drug trial weighs

On Thursday, the 23rd of April 2020, the Wall St. had wrapped up the day in a mixed complexion, mired with uncertainties related to the pandemic-hit earnings’ season alongside a report that said the US multinational pharmaceutical Gilead’s anti-malarial drug trial was found to be a flop, though industry experts were quoted saying the recent report would likely to bring in to the light to whack away the low-cost, low profit margin anti-malarial drug hydroxychloroquine, that showed promising response in other parts of the world, in order to install Gilead’s high-profit margin anti-viral drug Remdesivir as a novel solution to the pandemic crisis, while each Remdesivir pill could be priced at $40, compared to a few cents per chloroquine or hydroxychloroquine.

Aside from that, a sharp decline in the US jobless claim data that fell by nearly 2 million this week to 4.4 million, but still marked up nearly 10 per cent of United States’ entire population, had also spurred up optimisms that a number of US states could be reopened by early May as quoted earlier by the US President Donald Trump.

Meanwhile, playing down Gilead’s drug trial report, a senior market strategist at LPL Financial, Ryan Detrick, said on Thursday (April 23rd), “The disappointing drug news stings, but considering another 4 million people lost their jobs, the disconnect between how well stocks have held up in the face of historically bad economic data continues.

” Citing statistics, on Thursday’s (April 23rd) Wall St. closure, S&P 500 shed 0.05 per cent to 2,797.80 followed by the controversial Gilead drug trial report, while Dow gained 0.17 per cent to 23,515.26 and Nasdaq ended the day almost dithered to 8,494.75.