NEW YORK (Pakistan Point News / Sputnik - 03rd April, 2020) Wall Street's three main stock indexes rose about 2 percent each on Thursday, spurred by a rally in oil prices after President Donald Trump tweeted that he expected Saudi Arabia and Russia to resume production cuts after his conversations with their leaders.
The run-up of more than 20 percent in oil prices, one of the strongest ever, helped equity markets to look beyond record high US jobless claims forced by the novel coronavirus (COVID-19) pandemic.
The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, closed up 470 points, or 2.2 percent, at 21,413.
The S&P 500, a barometer for the top 500 US stocks, settled up 56 points, or 2.3 percent at 2,526.
The tech-heavy Nasdaq Composite finished up 127 points, or 1.7 percent, at 7,487.
Trump suggested in tweets earlier on Thursday that combined production cuts by Saudi Arabia and Russia could remove between 10 and 15 million barrels per day (bpd) from the market. Analysts have estimated that the oil market faces an oversupply of 20 million bpd.
The Labor Department, meanwhile, said a record 6.6 million Americans filed for unemployment claims last week, double the previous week's all-time highs, as the impact of the COVID-19 grew on US businesses.
