Mike Novogratz, Galaxy Digital Founder and CEO, joins “Closing Bell” to discuss markets.
Stocks rose Thursday as oil’s biggest one-day rally on record eased concern about financial and job losses in the energy sector.
It was a volatile session as investors weighed a massive spike in unemployment claims that showed the growing negative impact shutdowns to stop the spread of the coronavirus are having on the economy.
The Dow Jones Industrial Average closed 469.93 points higher, or 2.2%, at 21,413.44. The S&P 500 was up 2.3% at 2,526.90 while the Nasdaq Composite climbed 1.7% to 7,487.31. At its session high, the Dow was up 534 points, or more than 2%. At its low of the day it was down more than 200 points.
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. Those comments sent U.S. crude prices up 24% for their best session on record. There were, however, concerns that both countries would follow through on production cuts of that magnitude.
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