4/2/2020, 10:00 PM (Source: TeleTrader)
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Dow jumps 460 pts at close on oil output cut hopes

United States markets closed with gains following a volatile session on Thursday. Stocks opened in the red after the US Department of Labor said jobless claims surged to a record 6.6. million last week due to shutdowns caused by the coronavirus. However, markets turned positive after President Donald Trump claimed Russia and Saudi Arabia are close to reaching a new deal on cutting oil production and ending their price war.

The Dow Jones surged 2.24%. Oil companies led tha gains with Chevron soaring 11.01% and Exxon Mobil climbing 7.65%.

The Nasdaq 100 rallied 2% with Vertex Pharmaceuticals, up 7.40%, as the best performer.

The S&P 500 jumped 2.28%. Occidental Petroleum pushed the index higher as it skyrocketed 18.9%.

The euro fell 1.03% against the dollar to sell for 1.08507 at 3:58 pm ET.

Breaking the News / NP