Shares gain after encouraging COVID-19 drug data, oil jumps [Reuters (UK)]
Gilead Sciences, Inc. (GILD)
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Source: Reuters
Shares gain after encouraging COVID-19 drug data, oil jumps - Reuters 4 Min Read NEW YORK (Reuters) - A gauge of global stocks climbed on Wednesday following encouraging news for an experimental COVID-19 treatment and some positive earnings reports, while beaten-up oil prices surged. MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 1.86%. Major U.S. averages rose about 2% in early trading, while the pan-European STOXX 600 index rose 1.40%. Gilead Sciences Inc ( GILD.O ) said its experimental antiviral drug remdesivir helped improve outcomes for patients with COVID-19, and provided data suggesting it worked better when given earlier in the course of infection. The development of treatments for the virus has been seen by strategists as critical for markets as they could help countries emerge from self-imposed lockdowns to quell the outbreak that have crippled economies. Data on Wednesday showed the U.S. economy contracted in the first quarter at its sharpest pace since the
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GILD
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