Dow jumps more than 200 points after Trump tells CNBC Saudis and Russia will ease oil pressure
Stocks rose in volatile trading Thursday as oil prices jumped on expectations Saudi Arabia and Russia will ease the pressure off the oil market.
The Dow Jones Industrial Average traded more than 280 points higher, or 1.3%. The S&P 500 was up by more than 1% while the Nasdaq Composite climbed 0.9%. The 30-stock Dow briefly rose more than 500 points earlier in the day.
WTI crude surged 24% to trade back above $25 a barrel on Thursday after President Donald Trump told CNBC’s Joe Kernen he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammad Bin Salman, adding he expects both countries to cut production by about 10 million barrels.
Trump later tweeted about his conversations with Putin and MBS.
Traders have been closely watching oil because of its influence over other financial markets. The oil losses have been so big, that …continued .
[Source: CNBC News]