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  • - 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.

- President Trump's new guidelines

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