Dow jumps more than 200 points as oil extends rebound, but posts first weekly loss in three
Stocks rose on Friday as oil prices clawed back even more of their historic losses from earlier in the week while investors weighed the prospects of a potential coronavirus treatment from Gilead Sciences.
The Dow Jones Industrial Average traded 300 points higher, or 1.3%. The S&P 500 and Nasdaq Composite gained 1.6% and 1.7%, respectively. Tech was the best-performing sector in the S&P 500, gaining 1.8% as Apple climbed over 2%.
For the week, however, the Dow was down 2.5% while the S&P 500 has fallen over 1%. The Nasdaq was down 0.8% week to date. It would be Wall Street’s first weekly decline in three.
U.S. crude futures rose 2.7% to settle at $16.94 per barrel amid hopes the U.S. will reduce some of its production to account for shrinking demand and storage capacity. Still, West Texas Intermediate futures were down over 30% week to …continued .
[Source: CNBC News]