New York
Stock markets struggled on Friday as hopes of quickly finding a treatment for coronavirus were dashed, and more crushing economic data delivered a body blow to confidence. Investors were “reacting badly” to reports the initial trials of the remdesivir coronavirus drug being developed by Gilead Sciences had flopped, Oanda analyst Craig Erlam said. “This was a ray of hope earlier this week and already we’re learning the pitfalls of getting too excited about these cures at the early stages of testing,” Erlam told AFP. Key European markets were all lower at the close, but Wall Street soldiered to a positive daily finish. Despite that, indices were down for the week for the first time in three weeks, with the Dow posting a 1.9 percent loss. —APP
