- NASDAQ unofficially closes up 124.24 points, or 1.69 percent, at 7,484.83.
- S&P 500 unofficially closes up 55.93 points, or 2.26 percent, at 2,526.43.
- DJIA unofficially closes up 451.11 points, or 2.15 percent, at 21,394.62.
Wall Street closed in the green on Thursday with a bid in the oil sector as the sounds of Russian/Suadi production cuts ricocheted through the markets, lifting likes of shares of Chevron and Exxon Mobil and projecting the Dow Jones Industrial Average around 450 points higher. In other not so promising news, the US data was appalling, cases of COVID-19 surpass the 1 million mark and Chinese outbreaks send people back into lockdown.
Overall, it was a mixed day and there was something for everyone and the bulls ran with whatever good news they could, taking up willing seller's offers across the board. consequently, the S&P 500 added 2.2% to 2,527. The Dow Jones Industrial Average put 470 points, or 2.2%, to 21,413, based on preliminary numbers. The Nasdaq Composite was up 1.7% to 7,487.
First, for the good news, President Donald Trump said he expects Russia and Saudi Arabia to cut oil production by as much as 15 million barrels a day.
The news sent both Chevron and Exxon Mobil on a tear and they both contributed to about one-third of the blue-chip gauge's intraday rally. Chevron's shares were up 11.2%, and Exxon Mobil was up 7.6% making for a combined 71-point boost for the Dow.
As for the bad news, US initial jobless claims have jumped around 10 million over the past two weeks which is likely to push the April unemployment rate up to 9.5%, and the job losses are likely to end up even higher in coming weeks as COVID-19 destroys the US economy.
"US initial jobless claims surged to 6.65 million in another week for the record books, following last week’s record rise to 3.3 million. Cumulatively, this puts initial claims over the past two weeks at just under the 10 million mark. During the GFC, non-farm payrolls fell by 8 million, though these don’t map exactly. It all points to a significant rise in the unemployment rate," analysts at ANZ bank explained.
Meanwhile, the COVID-19 numbers of cases surpassed the one million mark with over a 50,000 death toll, more on that here: Breaking: COVID-19 cases surpass 1M worldwide with over 50,000 death toll
DJIA levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays defensive near 1.0500 amid French political jitters
EUR/USD is battling 1.0500 in the European session on Wednesday. The pair trades with caution amid renewed US Dollar buying and French political uncertainty as the government faces a no-confidence vote in a busy day ahead. Markets await US data, Fed Chairman Powell's speech.
GBP/USD struggles to reclaim 1.2700 ahead of US data, Powell
GBP/USD fluctuates in a tight channel below 1.2700 on Wednesday. The pair reverses dovish BoE Governor Bailey's remarks-led drop as traders reposition ahead of US ADP Jobs data, ISM Services PMI report and Fed Chair Powell's speech.
Gold price treads water near $2,640, Fed Chair Powell's speech eyed
Gold price attracts some sellers following an intraday uptick to the $2,650 supply zone in the early European session on Wednesday. The precious metal, however, remains confined in a familiar range held over the past week or so as traders seem reluctant to place aggressive directional bets ahead of Fed Chair Jerome Powell's speech.
ADP report expected to show US private sector job growth cooled in November
The ADP Employment Change report is seen showing a deceleration of job creation in the US private sector in November. The ADP report could anticipate the more relevant Nonfarm Payrolls report on Friday.
The fall of Barnier’s government would be bad news for the French economy
This French political stand-off is just one more negative for the euro. With the eurozone economy facing the threat of tariffs in 2025 and the region lacking any prospect of cohesive fiscal support, the potential fall of the French government merely adds to views that the ECB will have to do the heavy lifting in 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.