Oil's surge lifted the Dow
The Dow closed up over 400 points following a volatile day of trading, following suit of oil, which surged nearly 25% for the day. The spike came in response to a tweet from U.S. President Donald Trump that said Russia and Saudi Arabia will be "cutting back approximately 10 million barrels." However, the deal to curb production -- proved susceptible to some doubt among investors -- combined with the surge in U.S. weekly jobs data, kept a cap on the surge.The S&P 500 and Nasdaq pulled together a close in the black as well.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 21,413.44) finished 469.9 points, or 2.2%, higher for the day. Chevron (CVX) topped the charts with an 11% win, while Walgreens Boots Alliance (WBA) finished at the bottom with a 6.3% loss.
The S&P 500 Index (SPX - 2,526.90) added 56.4 points, or 2.3%, while the Nasdaq Composite (IXIC - 7,487.31) tacked on 126.7 points, or 1.7% for the day.
The Cboe Volatility Index (VIX - 50.59) fell 6.5 points, or 11.3%.
5 Items on Our Radar Today
- Amazon has blocked sales of N95 masks to civilians and is instead prioritizing sending essential supplies to hospitals and government agencies. There is now a section of the website for applications to receive these items. (CNBC)
- The White House is likely to suggest those living in "red zones" for the coronavirus outbreak to cover their faces to avoid the aerosol spread risk of the disease. This will not include wearing medial-grade masks, to avoid a further shortage amid the healthcare sector. (MarketWatch)
- The apparel name rising after an earnings beat.
- Disney stock downgraded amid volatile market climate.
- Why Kohl's stock could fall further.
Data courtesy of Trade-Alert
Oil and Gold Snag Big Wins
After a huge surge today following the aforementioned progress between Russia and Saudi Arabia finding a solution to curb production, oil prices surged nearly 25%. May-dated futures rose $5.01, to settle at $25.32 a barrel.
Gold managed to snap its four-day losing streak this afternoon, shifting higher after a much wider-than-expected growth in weekly jobless claims. Gold for June delivery rose $46.30, or 2.9%, to settle at 1,637.70 per ounce.