REUTERS: The S&P 500 ended marginally lower on Thursday after a report that an experimental antiviral drug for the coronavirus flopped in its first randomized clinical trial, denting earlier optimism that the impact of the pandemic on the labor market was nearing an end.
The market's sensitivity to news related to coronavirus therapies reflects investors' desperation for any indication of when the global economy might be able to start returning to normal. Meanwhile, the U.S. Congress was preparing nearly US$500 billion more in aid for small businesses and hospitals, which was expected to clear the House of Representatives later in the day.
A survey showed U.S. business activity plumbed new record lows in April, mirroring dire figures from Europe and Asia as strict stay-at-home orders crushed production, supply chains and consumer spending.