Stocks Decline After Virus-Drug Test Disappoints: Markets Wrap
- S&P 500, Nasdaq close lower; Dow Jones Industrial edges higher
- Treasury yield curve flattens as longer maturity debt gains
This article is for subscribers only.
U.S. stocks closed mostly lower after a report said that a leading experimental coronavirus drug performed poorly in a test. Crude oil climbed back above $16 a barrel.
The benchmark S&P 500 finished in the red after whipsawing investors between gains and losses in the last few hours of trading. Gilead Sciences Inc.’s antiviral drug remdesivir flopped in its first randomized clinical trial, the Financial Times reported, citing draft documents published accidentally by the World Health Organization. The drug company disputed that characterization.