Job losses mount in the millions | Coronavirus drug headline shakes market | Small business loan giveback?

Stocks ended the day flat in a session rocked by news of Gilead's antiviral drug.

VIEW IN BROWSER | SUBSCRIBE THU, APR 23, 2020 EVENING BRIEF AS OF THU, APR 23, 2020 • 04:36 ET DJIA 23515.26 +0.17% +39.44 S&P 500 2797.80 -0.05% -1.51 NASDAQ 8494.75 -0.01% -0.63   Most Active DOW NAME LAST CHG %CHG XOM 43.45 +1.32 +3.13% MSFT 171.42 -2.10 -1.21% INTC 59.04 -1.06 -1.76% S&P 500 NAME LAST CHG %CHG GE 6.52 +0.09 +1.40% AMD 55.90 -0.02 -0.04% GILD 77.78 -3.53 -4.34% NASDAQ NAME LAST CHG %CHG AMD 55.90 -0.02 -0.04% GILD 77.78 -3.53 -4.34% AAL 10.25 -0.02 -0.19% EDITOR'S NOTE It's not as bad as last week - that's the best that can be said about Thursday's jobless claims report showing another 4.4 million Americans filed for unemployment benefits.   It's down from the previous weekly report that showed 5.245 million workers filing claims, so the misery appears to be waning. Still, the total from the past five reports equals 26.4 million claims, which surpasses all of the job gains since the Great Recession.   "That means more than one in seven workers applied," wrote Heidi Shierholz, director of policy at the Economic Policy Institute. "Job losses of this magnitude would translate into an unemployment rate of 18.3%." Investors were expecting the news, but stocks seesawed on another report that a potential coronavirus drug, remdesivir, "flopped" in a clinical trial, though the study was inconclusive. On the plus side, oil rallied from historic lows.   Finding a treatment for the coronavirus, and getting people back to work, are critical to returning the U.S. economy to health. But it is a much quicker process to send workers to the unemployment line than it is to rehire them, particularly if business comes back in stages.   "The duration is really the key, to see how quickly we can put those on temporary layoff or furlough back on the payrolls," said Liz Ann Sonders, chief investment strategist at Charles Schwab.     Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Stocks close flat in volatile session as investors assess Gilead virus treatment, oil rebound US weekly jobless claims hit 4.4 million, bringing 5-week total to more than 26 million The US economy has wiped out all the job gains since the Great Recession Oil rallies more than 40% in two days as it comes back from record lows US issues new guidance for small business loans, pressures public companies to return funds Track the latest coronavirus news here Gilead says draft of coronavirus treatment results contain 'inappropriate characterization' and are 'inconclusive' JPMorgan tells small business customers to apply with other banks on fear that funds will run out Ruth's Chris Steakhouse owner says it will repay $20 million in small business loans Intel shares drop on low Q2 guidance     TOP VIDEO Cooperman: The coronavirus crisis will likely change capitalism forever   CNBC PRO If you think oil will bounce back, here are the best ways to play the bet, according to pros   SPECIAL REPORTS Two stocks that carried markets to highs could be sending red flags Expedia's chart looks quite bad, but investors could benefit in the long run, traders say   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS