In yet another volatile session on Thursday, stocks pared back gains despite a rebound in oil prices, after reports that a Gilead Sciences clinical trial for its remdesivir drug was not effective in treating coronavirus—though the company quickly disputed that it was an inconclusive trial.... [+]The Dow Jones Industrial Average was up 0.2%, just 40 points, on Thursday, while the S&P 500 and Nasdaq Composite both ended slightly negative.
Stocks rose earlier in the day, with the Dow up to 400 points higher, thanks to a rebound in oil prices: WTI crude oil futures have stabilized since their unprecedented drop earlier this week, rising over 40% in the last two days alone.
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