Wall Street Sees Modest Gains After Days of Record Losses
U.S. markets closed higher Thursday after days of record losses driven by fear and uncertainty over the coronavirus pandemic.
It looked like another rough day at first, with the Dow Jones industrial average down 3% at one point. The index recovered to finish the day 188 points, or 1%, higher — and back over the 20,000 mark.
The Nasdaq Composite Index was 2% higher, driven by gains in the technology market, while the S&P 500 was up less than 1%.
Thursday's rise in the Dow was propelled by a 24% gain in oil futures after U.S. President Donald Trump said he would get involved in the price war between Russia and Saudi Arabia "at the appropriate time."
Trump said he was looking for a "middle ground."
The feud between the Saudis and Russia was sparked by disagreements over supplies. The Saudis want to cut supplies to drive up prices because the coronavirus means less worldwide travel and less demand. Prices are at a near 20-year low.
Russia would like to see world prices remain low to punish the U.S.
The U.S. has overtaken both countries as the world's largest oil producer.
Source: Voice of America