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.