Despite the mounting unemployment toll, investors were encouraged by the latest move in the oil market, with US futures ending 20 per cent higher amid heightened US-Iran tensions.
Gilead fell 4.3 per cent following reports that use of antiviral drug remdesivir to treat coronavirus failed in a key clinical trial. Gilead said it is still awaiting data from multiple studies of the drug, which has shown promise in some analyses. Target fell 2.8 per cent after the retail chain cautioned that first-quarter profits would be dented by additional spending on wages, a shift in consumption to lower-profit items and the need to write down the value of apparel and other goods that have not sold well.
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