Weekly jobless claims in the United States reached 6.64 million. FOX Business Cheryl Casone with more.
The US stock markets gave up on their gains Thursday afternoon after exploding in response to President Trump calling on Russia and Saudi Arabia to sharply cut oil production.
After Trump’s announcement – which boosted West Texas Intermediate crude oil by 35% to $ 27.39 a barrel – Saudi Arabia called on OPEC members, their allies and other countries to hold an emergency meeting “with the aim of reaching a fair agreement to restore the desired balance in the oil markets.” “
Also on Thursday, China announced that it would start filling its reserves.
The Dow Jones Industrial Average gained 534 points, or 2.55%, before returning to the flat line. The S&P 500 and Nasdaq Composite rose 2.55% and 1.92% respectively.
|I: DJI||MEDIUM DOW JONES||21114.59||+171.08||+ 0.82%|
|SP500||S&P 500||2486.52||+16.02||+ 0.65%|
|I: COMP||NASDAQ COMPOSITE INDEX||7366.357347||+5.78||+ 0.08%|
Trump’s announcement gave a boost to a stock market looking for direction after a report from the Department of Labor showed that initial jobless claims reached a record 6.648 million in the week ended March 28, exceeding the 3.5 million expected as the pandemic brings the US economy to a standstill. The number broke a record 3.3 million deposits last week. The March employment report will be released on Friday.
COVID-19 has infected at least 216,700 people in the United States and killed 5,137 people, according to the latest figures from Johns Hopkins University & Medicine. More than 8,600 people in the country have recovered.
In terms of the stocks, stocks of Exxon Mobil, Chevron and Continental Resources were among the beneficiaries before Friday’s meeting between Trump and industry leaders.
|XOM||EXXON MOBIL CORPORATION||39.61||+2.08||+ 5.54%|
|CVX||CHEVRON CORP.||74.29||+5.73||+ 8.35%|
|CLR||CONTINENTAL RESOURCES||8.23||+0.76||+ 10.17%|
OIL PRICES INCREASE AS TRUMP PREDICTS RAPID END OF RUSSIAN-SAUDI Fights
Meanwhile, the heavily battered airlines toppled after Trump said he planned to block domestic flights to the so-called hotspots.
The Dow Boeing component rallied after the Wall Street Journal announced that the planner will offer early retirement and buyouts to all of its employees.
|AAL||AMERICAN AIRLINES GROUP INC.||10.06||-0.63||-5.91%|
|DAL||DELTA AIR LINES INC.||22.74||-1.13||-4.73%|
|UAL||UNITED AIRLINES HLDG.||23.61||-2.04||-7.97%|
Elsewhere, lenders to AMC Entertainment Holdings have hired restructuring lawyers as the company faces the default risk of having to close its cinemas due to the pandemic.
AMC ENTERTAINMENT LENDERS HIRE LAWYERS TO RESTRUCTURE INTERVIEWS
On the earnings side, the Walgreens Boot Alliance has released results above and below expectations and remains on track to meet its profit forecasts for the full year.
Electric vehicle maker Tesla was at the center of concern as investors awaited the release of its first quarter delivery and production figures.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||2.22||-0.40||-15.26%|
|WBA||WALGREENS BOOTS ALLIANCE INC.||39.53||-3.50||-8.13%|
Longer-dated US Treasuries continued to advance, flattening the yield curve. The 10-year yield fell 4.9 basis points to 0.586%.
European markets gained ground with the British FTSE up 1.31%, the French CAC up 1% and the German DAX 0.83%.
In Asia, the Japanese Nikkei slipped 1.37%, while the Shanghai Composite of China and the Hang Seng of Hong Kong added 1.69% and 0.84% respectively.