Stocks rise in volatile session as investors assess Gilead virus treatment, oil rebound; European stocks close higher with coronavirus, earnings and oil prices in focus; BELEX15 down additional 0.46%; Gasoline consumption in Serbia down over 50% in April
Stocks were taken for a wild ride on Thursday that showed just how important finding a treatment for the coronavirus is for Wall Street. The Dow Jones Industrial Average slashed a 400-point gain and nearly went negative after The Financial Times said  — citing documents accidentally published by the World Health Organization — that Gilead Sciences’ drug remdesivir did not improve patients’ condition or reduce the coronavirus pathogen in their bloodstream.
The Dow Jones Industrial Average closed just 35 points higher, or 0.2%. Earlier in the day, the Dow rallied more than 400 points. The S&P 500 dipped 0.1% while the Nasdaq Composite closed just below breakeven. Both the Nasdaq and S&P 500 were up more than 1% at their session highs.
Another 4.4 million workers filed for unemployment benefits last week, according to data from the Labor Department. That brought the five-week jobless claims total to more than 26 million, erasing all the job gains since the Great Recession. However, Thursday’s print represented a decline from the jobless claims number reported in the previous week.

European stocks closed higher Thursday as the coronavirus pandemic, oil prices and corporate earnings remained in focus for investors. The pan-European Stoxx 600 closed 1% higher provisionally, after whipsawing earlier as economic data out of the euro zone showed record deterioration due the coronavirus crisis. Oil and gas stocks soared 3% after oil prices appeared to stabilize.
Euro zone business activity slumped to record lows in April, highlighting the severe economic damage being wrought by the coronavirus pandemic across the bloc.
Credit Suisse posted a 75% jump in first-quarter net profit compared to the same period last year, with net income of 1.31 billion Swiss francs. The Swiss lender also set aside 568 million Swiss francs for potential credit losses due to the coronavirus pandemic. Credit Suisse shares were up over 2%.
Renault reported a 19.2% fall in first-quarter revenue but said it was too early to quantify the impact that the coronavirus crisis would have on earnings this year. The French carmaker is expected to update investors on its alliance with Japanese counterpart Nissan at midday. Renault shares climbed 4%.

BELEX15 was down 0.46%, with NIS as absolutely dominant active name, since it generated almost 100% of trade volume. The stock lost 0.38%. According to the statement from Association of Serbian Oil Companies, gasoline consumption in the country is down over 50% in April, which is a negative fact for NIS as well.
Source: CNBC, Ilirika