stocks slip on doubts about COVID clinical trials

TheStar Wed, May 20, 2020 06:41am - 5 years View Original


Europe's STOXX 600 index slipped 0.61% after the worldwide surge in equity markets on Monday. But MSCI's gauge of stocks across the globe shed 0.21%. On Wall Street, the Dow Jones Industrial Average fell 390.51 points, or 1.59%, to 24,206.86. The S&P 500 lost 30.97 points, or 1.05%, to 2,922.94 and the Nasdaq Composite dropped 49.72 points, or 0.54%, to 9,185.10.

NEW YORK: The euro and European government debt rallied on Tuesday, lifted by a Franco-German proposal to fund grants for regions hit hardest by the coronavirus pandemic, while oil traded mostly higher on growing demand as countries eased business lockdowns.

A gauge of global equity markets retreated late in the session after Wall Street skidded on a report from medical news website STAT that said Moderna Inc did not provide enough critical data to assess its potential COVID-19 vaccine.

Moderna shares closed down 10.4% after surging 20% on Monday when it said a small-early stage trial showed promising results, news that rallied equity markets around the world.

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