Stocks close flat after reports show COVID-19 treatment ineffective

Stock markets on Thursday closed relatively flat, erasing gains made in early trading after reports surfaced that studies found a promising coronavirus treatment to be ineffective. 

The Dow Jones Industrial Average closed up 39.4 points, or 0.2 percent, while the S&P 500 closed down 1.5 points, or 0.1 percent. 

Stat News reported that the results of a study on Gilead Sciences drug remdesivir found it did not improve recovery or lower fatality rates for COVID-19 patients.  

An earlier Stat report had indicated the drug, which President Trump has touted in his briefings, could be highly effective. 

On Thursday morning, the Labor Department released data showing an additional 4.4 million people applied for unemployment insurance last week, bringing the unadjusted total in the past five weeks to more than 24 million. 

The day also saw a rebound in oil markets, which had fallen to unprecedented lows earlier in the week, including futures that dipped into negative territory on low demand, high supply and a shortage of oil storage capacity.