The DJIA scored a triple-digit win after reports of a production freeze sent oil prices soaring
The
Dow Jones Industrial Average (DJIA) surged in late-morning trading, as stocks followed oil prices higher. Crude futures finished at their highest level of 2016
on reports that Saudi Arabia and Russia agreed to freeze production ahead of a key weekend meeting of exporters. The news served as a huge boost for the energy sector, stoking the collective appetite for risk in spite of a
lackluster start to earnings season and a downwardly revised global growth forecast from the International Monetary Fund (IMF).
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,721.25) climbed 164.8 points, or 0.9%, with all 30 components ending the day in the black. Chevron Corporation (NYSE:CVX) notched the biggest win, at 2.4%.
The S&P 500 Index (SPX - 2,061.72) added 19.7 points, or 1%, while the Nasdaq Composite (COMP - 4,872.09) finished up 38.7 points, or 0.8%.
The CBOE Volatility Index (VIX - 14.85) fell 1.4 points, or 8.7%, for the day.
5 Items on Our Radar Today:
- Speaker of the House Paul Ryan made an official statement this afternoon at the Republican National Committee headquarters in Washington, D.C., to affirm that he does not want, and will not accept, the Republican nomination for president, should the party's primary elections lead to a brokered convention. Many had pegged Ryan as a frontrunner for the position, despite his insistence that he was not interested, and Ryan hopes that today's statement will put an end to all related rumors. (CNBC)
- Philadelphia Fed President Patrick Harker and Dallas Fed President Robert Kaplan are the latest central bankers to urge patience on interest rate hikes. Harker maintained that low inflation risks make the Fed's 2% target an unlikely goal in the near term, while Kaplan thinks we need to "see if the weakness that we saw in fourth-quarter GDP and first-quarter GDP are an aberration or a trend." (Bloomberg)
- Breaking down another huge day for Chesapeake Energy Corporation (NYSE:CHK).
- The video game maker setting a record and heating things up in the options pits.
- How Marathon Oil Corporation (NYSE:MRO) marched to a year-to-date high.
Data courtesy of Trade-Alert
Commodities:
Following reports of a production-freeze consensus between Saudi Arabia and Russia, as well as an upwardly revised oil-price forecast from the Energy Information Administration (EIA), crude oil soared. May-dated crude finished the day up $1.81, or 4.5%, at $42.17 a barrel -- its highest close since November.
After spending much of the day in negative territory, gold for June delivery added $2.90, or 0.2%, to close at $1,260.90 an ounce, extending its winning streak to four straight sessions -- its longest streak in two months.
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