Dow climbs 470 points as oil spikes more than 20%, exceeding record US unemployment filings

Reuters/ Todd Korol

• United States stocks got on Thursday after unemployed claims soared to 6.6 million, marking a second straight weekly record as the coronavirus break out spurs layoffs.
• The spike in claims was roughly double the record set last week and trounced economic experts’ quotes of 3.5 million brand-new filings
• Oil prices jumped as much as 35?ter President Trump said he anticipates Russia and Saudi Arabia might deescalate their oil cost war within a few days.
• See all significant indexes upgrade live here

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US stocks got on Thursday as investors absorbed oil’s relief rally and a second straight week of record unemployed claims

WTI unrefined oil surged as much as 35%to $27 That lifted energy stocks, with Chevron and ExxonMobil turning in the greatest gains for the Dow Jones commercial average.

Here’s where major US indexes stood at the 4 p.m. ET market close on Thursday:

• S&P 500: 2,52690, up 2.3%
• Dow Jones industrial average: 21,41344, up 2.2%(470 points)
• Nasdaq composite: 7,48731, up 1.7%

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Meanwhile, joblessness claims skyrocketed to 6.6 million for the period ended March 28, doubling the record reached the previous week and more exposing the level of layoffs driven by the coronavirus outbreak. Financial experts surveyed by Bloomberg had expected claims for the week to reach 3.5 million

The strained labor market also deals with pressure on the companies’ side. Businesses slashed nearly half a million task posts recently as virus containment procedures led companies to freeze hiring activity, according to the Glassdoor economist Daniel Zhao

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Thursday’s rate action followed a 4.4%slide in the previous trading session Markets tanked on the very first day of the 2nd quarter after Trump informed Americans to get ready for a “extremely, very agonizing 2 weeks.” New forecasts from the White House see coronavirus deaths reaching 100,000 to 240,000 as the break out magnifies throughout the country.

As of Thursday, the United States had more than 216,500 validated cases of COVID-19, with its death toll swelling previous 5,100

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Foreign central banks sold off more than $100 billion in US Treasuries as cash demand surged

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%%.

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