S&P 500, Dow edge higher as Gilead data offsets virus concerns

The S&P 500 and the Dow advanced on Friday as a positive update from Gilead's antiviral drug to treat COVID-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to damage Corporate America.

- The S&P 500 and the Dow advanced on Friday as a positive update from Gilead’s antiviral drug to treat COVID-19 countered nerves over a record rise in coronavirus cases in the United States that threatens to damage Corporate America.

Gilead’s remdesivir significantly improved clinical recovery and reduced the risk of death in COVID-19 patients, additional data from a late-stage study showed. The drugmaker’s shares rose 2.1% as it said the finding required confirmation in clinical trials. “This market is psychologically focused on coronavirus news, and it’s a battle of positive news stories versus negative news stories,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.​​​​​​

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