- President Trump's new guidelines
to reopen the economy would roll out
in three phases.
China records its first-ever contraction
in quarterly GDP.
And Gilead Sciences shares soar
on reports that the company's experimental drug
may be performing well in clinical trials.
I'm Shelby Holliday here with the latest headlines
from the Wall Street Journal.
The US death toll from coronavirus spiked yesterday
to nearly double the prior record
as governors extended lockdowns
and President Trump sketched out a three-phase process
to reopen the economy.
- We're starting our life again.
We're starting rejuvenation of our economy again.
- [Shelby] The guidelines don't suggest specific dates
but put the onus on governors to decide based on data.
States could enter the first phase
after a downward trend of cases over 14 days.
Venues including movie theaters,
restaurants and gyms could open
with strict social distancing rules.
In phase two, non-essential travel
and school activities could resume
and bars could reopen with restrictions.
For the final phase,
people could go back to their workplaces
and visit hospitals.
China's economy shrank 6.8%,
the first such drop since Beijing started reporting
quarterly GDP numbers in 1992.
The sharp contraction shows how the country's economy
was hit by unprecedented lockdowns
and foreshadows the pain expected globally.
Retail sales fell around 16% in March,
much worse than the 8% expected by some economists.
State media also reported
that the death toll in Wuhan jumped
by 50% after officials adjusted the figure
to include people who had died at home
and to correct misreporting from overwhelmed hospitals.
Shares of Gilead Sciences rose more than 16%
after hours after a report
that the company's experimental drug,
remdesivir, may be performing well in clinical trials
of COVID-19 patients.
The health news site, STAT,
reported that a Chicago doctor said most patients
enrolled in a company-sponsored trial were discharged.
However, that's far from a final clinical trial result.
Analysts caution that the study
doesn't include a comparison group,
making it difficult to interpret the results.
Analysts say the drug is unlikely
to be a significant financial driver for Gilead.