Stocks Cut Losses After Gilead Says Remdesivir Coronavirus Treatment Reduces Risk Of Death

The stock market opened slightly higher on Friday, reversing earlier losses, after positive coronavirus vaccine news helped offset growing investor concerns about a record number of new U.S. cases.Marcel Kusch/dpa/picture alliance via Getty ImagesThe Dow Jones Industrial Average was up 12 points at Friday’s open, while the S&P 500 was less than 0.1% higher and the tech-heavy Nasdaq Composite traded just above the flatline.

The market cut its early losses after Gilead Sciences said that its antiviral drug remdesivir—a potential coronavirus treatment—showed positive data in clinical trials. The company said in a statement that remdesivir led to a 62% reduction in the risk of mortality compared to standard care, sending Gilead’s stock up 2%.

Shares of German company BioNTech, which is working with pharmaceutical giant Pfizer, similarly jumped after news that the company will have a coronavirus vaccine ready for approval by the end of this year,The positive vaccine news comes amid a backdrop of surging coronavirus infections across the country, however: The U.S. reported a daily record of more than 63,000 new cases on Thursday, according to data from Johns Hopkins University.

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