U.S. stocks swung sharply Thursday, with the Dow Jones Industrial Average giving up most of a 400-point rally on reports that a potential treatment for Covid-19 disappointed in a clinical trial.
Major indexes traded higher for most of the day but ended the session largely flat after the Financial Times and other media reported that remdesivir, a Gilead Sciences drug, “flopped” in its first randomized, clinical trial. Gilead shares dropped 4.3% and were briefly halted for volatility.
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