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Stocks rose Thursday as oil’s biggest one-day rally on record eased concern about financial and job losses in the energy sector.
The Dow Jones Industrials popped 469.93 points, or 2.2%, to finish Thursday at 21,413.44.
The broader S&P 500 regained 56.4 points, or 2.3%, to 2,526.90.
The NASDAQ Composite screamed higher 126.73 points, or 1.7%, to 7,487.31.
WTI crude surged 24% to trade back above $25 a barrel on Thursday after President Donald Trump told the media he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammad Bin Salman, adding he expects both countries to cut production by about 10 million barrels.
Those comments sent U.S. crude prices up 24% for their best session on record. There were, however, concerns that both countries would follow through on production cuts of that magnitude.
Chevron and Exxon Mobil were the best-performing Dow stocks, Chevron rising 11% and Exxon picking up 7.7%.
The S&P 500 was led by an 9.1% rally in the energy sector. Stocks struggled earlier in the session as investors pored through grim unemployment data.
The U.S. Labor Department reported more than six million people filed for unemployment benefits in the week of March 27, a record.
Economists expected another five million to five million workers filed for jobless claims last week as coronavirus-related shutdowns roll through the country. The estimates ranged as high as nine million.
Boston Federal Reserve President Eric Rosengren said Wednesday that Congress likely will have to deliver more stimulus to help those at the lower end of the economic spectrum and to boost small business.
Unemployment is likely to "rise pretty dramatically over the next couple of months" and the economic damage won’t abate until the coronavirus is brought under control, he said.
New York Gov. Andrew Cuomo also said Wednesday the state’s model projects a high death rate through July.
More than 950,000 coronavirus cases have been confirmed globally, with over 216,000 in the U.S. alone, according to data from Johns Hopkins University.
Prices for the 10-Year U.S. Treasury eased slightly, raising yields to 0.62% from Wednesday’s 0.61%. Treasury prices and yields move in opposite directions.
Oil prices gained $4.73 to $25.04 U.S. a barrel.
Gold prices gained $47.40 to $1,638.80 U.S. an ounce.
