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Apr 02, 2020 3:51PM ET
Trump the king of FAKE NEWS.
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Stocks - Dow Higher After Briefly Turning Lower Amid Saudi-Russia Truce Doubts
Published Apr 02, 2020 12:42PM ET
Updated Apr 02, 2020 03:27PM ET
© Reuters.
By Yasin Ebrahim
Investing.com – The Dow climbed on Thursday, after briefly swinging negative as traders assess a potential Saudi-Russia agreement to cut production.
The Dow rose 1.39%, or 290 points, but had been 500 points up at the highs of the day. The S&P 500 added 1.45% and the Nasdaq Composite was 0.87 higher.
Energy moved closer toward session highs despite doubts over whether Russia is prepared to strake an oil production cut with Saudi Arabia, which President Trump touted could be up to 15 million barrels.
Russia's revised budget for 2020 reportedly shows the country is planning for a $20-a-barrel oil price environment, Bloomberg reported. That has thrown shade on hopes Russia will seek to strike an agreement with Saudi Arabia to cut production, forcing oil prices to pare some gains and pressuring energy stocks.
Oil prices settled up 24% after Trump stoked hopes of production cuts and an end to the Saudi-Russia price war
"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump tweeted.
The potential for a 15 million bpd cut, however, is unlikely to prevent glut in supply, with Stacey Morris at Alerian reportedly estimating the coronavirus impact had slashed demand by about 20 million bpd, The Wall Street Journal reported.
"Clearly, it's (the potential cut) better than the alternative of doing nothing and waiting for physical storage constraints to limit production," Morris said. "However, even if cuts total 15 million bpd, the global oil market could still be in an oversupply situation."
The rally on Wall Street comes even as jobless claims were higher than expected with another 6.65 million Americans filing for first-time unemployment insurance last week.
The bearish labor market report arrived ahead of the nonfarm payrolls due tomorrow, but it is unlikely to "reflect the true extent of job losses as the survey period covered the second week of March, before social distancing and business closures put millions out of work," RBC said.
Utilities and materials also contributed to broad-based rally, with the rising Covid-19 infections seemingly taking a back seat.
Coronavirus infections are nearing 1 million worldwide, with more than 50,000 dead so far.
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Comments (9)
BobEnglish
Apr 02, 2020 3:41PM ET
more Trump Pump n Dump
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Al Balma
Apr 02, 2020 3:33PM ET
And the bubble gets more bubbly...
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ThisIsAmerica
Apr 02, 2020 3:18PM ET
It was a lie, the Kremlin has dismissed Trumps claim about talks between Putin and The Saudi Crown Prince.
https://www.themoscowtimes.com/2020/04/02/kremlin-denies-putin-spoke-to-saudi-crown-prince-a69850
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Zoltan Farago
Apr 02, 2020 3:18PM ET
just the usual fake news
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AROB
Apr 02, 2020 2:48PM ET
My hat's off to Obama. He called the bottom once and then market raced up with best bull run in history. Trump calls bottom every day through historic crash.
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Andrew carson
Apr 02, 2020 2:48PM ET
He had nothing to do with any bullrun in the market. He was just the lump on a log that was in office at the time.
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AROB
Apr 02, 2020 2:48PM ET
Andrew carson You talking about the 12 year bull run predominantly based on dropping interest rates to record low levels and flooding the markets with liquidity through quantitative easing? Pretty sure that was an Obama move. But hey, I'm sure now that Trump's pulling that same commie move it's ok? Funny how conservative republicans immediately applauded commie monetary expansion through the CARES act in order to save their crashing 401(k)s. Funnier still that those same Republicans will watch their life savings crash further by holding stocks in the face of the WORST ECONOMIC CRISIS IN HISTORY because they feel its a political stance. How is losing your life savings a political stance? Hilarious.
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Alexander Ubieta
Apr 02, 2020 2:46PM ET
You know people understand nothing about the stock market when they're making comments acting like it's shocking there's a green day during something like this after such a steep selloff. Sorry that you bought your puts at the wrong time.
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Get Sirius
Apr 02, 2020 2:46PM ET
You have right. There must be green day, but if there is 6green days in this situation out of last 8 days, than sorry but I must dissagree with Your point.So please get serious
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Luis Cortes
Apr 02, 2020 2:04PM ET
back to being down...as it should.
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James Dorward
Apr 02, 2020 2:04PM ET
Is is supposed to be down everyday? we would be at 0
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AROB
Apr 02, 2020 2:04PM ET
James Dorward We are only down 27% from the top in the face of horrific economic data with no end in articulate sight. How far down do you think it should be? 10%? LoL.
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AROB
Apr 02, 2020 1:43PM ET
This headline is amazing... "Bankrupt corporations' stock prices surge as one of their main overhead costs jumps 30% in the face of depression level unemployment numbers."
Are we truly a nation of simpletons?
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