Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks - Dow Racks up Gains in Wild Trading as Oil Prices Notch Biggest 1-Day Gain

Stock MarketsApr 02, 2020 04:09PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim 

Investing.com – The Dow rallied on Thursday, but traders had to contend with another wild session on Wall Street, as oil prices mounted their biggest one-day percentage gain ever, overshadowing a record jump in jobless claims amid a coronavirus-led lockdown across swathes of the country, with infections topping 1 million worldwide. 

The Dow rose 2.24%, or 470 points. The S&P 500 added 2.3% and the Nasdaq Composite was 1.7% higher.

Oil prices settled up 24%, their highest ever percentage gain, pushing energy stocks and the broader market higher, as President Donald Trump talked up the potential of a Russia-Saudi oil-production-cut agreement.

"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.

Reports that Russia is planning to stick it out with the lower oil price environment raised some concern that the Kremlin may be wary of striking a deal with Saudi Arabia to cut production. Russia's revised budget for 2020 reportedly shows the country is planning for a $20-a-barrel oil price environment, Bloomberg reported.

Meanwhile, Saudi Arabian officials said Trump's claims of cuts of more than 10 million barrels per day were an "exaggeration," The Wall Street Journal reported.

Even if managed, a 15 million bpd cut is unlikely to prevent glut in supply, with Stacey Morris at Alerian 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."

Ahead of nonfarm payrolls report due Friday, jobless claims were higher than expected with another 6.65 million Americans filing for first-time unemployment insurance last week.

Utilities and materials also contributed to broad-based rally, with the rising Covid-19 infections seemingly taking a back seat.

Coronavirus infections reached 1 million worldwide, with more than 50,000 dead so far.  

Stocks - Dow Racks up Gains in Wild Trading as Oil Prices Notch Biggest 1-Day Gain
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (26)
franklin neversoy
franklin neversoy Apr 02, 2020 9:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Apparently there is no oil agreement , nothing new
franklin neversoy
franklin neversoy Apr 02, 2020 9:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
4 to 5 years be longer than that cmon November
jemin An
jemin An Apr 02, 2020 9:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump twitted Fake news, something positive, for his political interests. Kremlin made their budget based on oil price 20 dollar, they prepared price war, no reason to withdraw, only after U.S surrender sanctions over Russia's North Stream Gas line and a lot of U.S shale closed. Neither Saudi wants grab hegemony in oil industry, and their cost of oil production is below 10 dollar. O.K. everybody suffering as low oil price, but Russia and Saudi have been prepared oil price war, only US shale did not. Even Trump has meeting with domestic oil companies, it can't change circumstance almost nothing, and it is just another cheating to people and market.
franklin neversoy
franklin neversoy Apr 02, 2020 9:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gonna be ughly opening if trump cancels flights to hot spots there goes the what’s left of the economy
franklin neversoy
franklin neversoy Apr 02, 2020 9:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We are screwed till further notice cmon November
franklin neversoy
franklin neversoy Apr 02, 2020 8:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yea trump shut down us then everybody can get unemployment 🎉just like in the Great Depression even Powell can’t help anymore
franklin neversoy
franklin neversoy Apr 02, 2020 8:52PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They better get the cks out and unemployment money 💰 goin NOW cmon November vote them all out maybe by July sometime it will get better Italy still hasn’t shaken it yet quit saying April try until further notice
Evelyn Ang
Evelyn Ang Apr 02, 2020 8:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
https://www.rt.com/news/484809-trump-russia-saudi-arabia-oil/
Evelyn Ang
Evelyn Ang Apr 02, 2020 8:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Kremlin says no talks with Saudi Arabia happened, after Trump’s tweets claim Moscow and Riyadh will cut oil production
Chris Martin
Chris Martin Apr 02, 2020 8:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I only thought of the "alternatives" Trump mentioned and feel THOSE are what still will be The answer...
John Gilmore
John Gilmore Apr 02, 2020 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump lies so much!
Chris Martin
Chris Martin Apr 02, 2020 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You related to " Happy Gilmore " ?
franklin neversoy
franklin neversoy Apr 02, 2020 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Don’t forget pence is right up there with him their ignoring it
Tom Thumb
Tom Thumb Apr 02, 2020 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
vote Biden ****your children
Tom Thumb
Tom Thumb Apr 02, 2020 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
vote Biden you'll be sorry
Chris Martin
Chris Martin Apr 02, 2020 8:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Too much Soy Sauce pal.
john richards
john richards Apr 02, 2020 8:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Time to cue up the always wrong leftists forecasting 18months of doom vs the cash backed opinions on Wall St.
Chris Martin
Chris Martin Apr 02, 2020 8:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You refer to Swamp Media and their benefactors, I take it? Or the more "simple" people? Whichever...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email