Dow earns 469 points hoping for a ceasefire in the oil price war | News on the coronavirus pandemic

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Major Wall Street stock indices ended Thursday on a positive side after a turbulent trading day which saw stocks stumble at the opening as investors digested a record increase in initial unemployment claims, to then go back up after the President of the United States, Donald Trump, spoke. the possibility of a truce in the Saudi-Russian oil price war.

The Dow Jones Industrial Average closed up 469.93 points or 2.24% to 21,413.44. The S&P 500 Index – a gauge for the performance of US retirement savings plans and colleges – closed up 2.28% while the Nasdaq composite index ended the session up 1.72%. .

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Energy stocks helped raise key indices after Trump raised hopes of a breakthrough in the oil price war between Saudi Arabia and Russia, which plunged crude oil prices and threatened the viability of US producers of higher-cost shale oil and gas.

Trump said he spoke to the de facto head of Saudi Arabia, Crown Prince Mohammed bin Salman, tweeting, “I just spoke to my friend MBS (Crown Prince) from Saudi Arabia, who spoke with Russian President Putin, and I expect and hope that they will reduce about 10 million barrels, and maybe a lot more, which, if that happens, will be GREAT for the oil and gas industry! “

Shares of ExxonMobil Corp and Chevron led the Dow Jones higher, gaining 7.64% and 11% respectively, while the energy sector S&P 500 gained more than 9%.

The possibility of a petroleum price war cease helped investors climb the wall of concern over the economic carnage of coronaviruses.

Some 6.65 million people filed for unemployment benefits during the week ending March 28, the US Department of Labor said before markets opened on Wall Street. This number – spurred on by the coronavirus pandemic – canceled the previous record of 3.3 million initial jobless claims set the previous week.

Thursday’s numbers likely underestimate the true scale of those who lost their jobs, since freelancers and concert workers only got their federal and federal unemployment benefits until Friday after Trump signed a historic $ 2.2 trillion rescue plan against coronaviruses. Many state unemployment offices were also overwhelmed by a tsunami of applicants.

The labor market snapshot validates the view of most economists that the United States is already in recession. INitious jobless claims are the most opportune data point to assess the damage caused by COVID-19 to the US economy, as virus containment measures force companies to shut down across the country, throwing millions of people Unemployed.

Boeing Co, once a symbol of industrial strength in the United States, said on Thursday that it would offer buyout and early retirement packages to employees in the face of a virtual collapse in global travel demand. Aerospace giant stocks lost 5.6%.

Southwest Airlines Co closed 1.68% after the company announced its intention to file a request with the American department of the Treasury for assistance related to the disturbances caused by the pandemic of coronavirus.

US lawmakers adopted a record $ 2.2 trillion coronavirus rescue program last week to help individuals, families, industries, state and local governments and businesses cope with the crisis, while that the US Federal Reserve has injected trillions of dollars into credit markets and innovated new tools to keep financial markets from derailing.

Democratic lawmakers are developing plans for a fourth coronavirus stimulus bill, while Trump asked Twitter on Tuesday to claim $ 2 trillion in spending to upgrade the country’s infrastructure.



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