Hope for a Deal on Oil Gave a Lift to the Dow

Al Root Nicholas Jasinski Steve Goldstein CCL WLL Carnival (CCL) Repsol TechnipFMC OANDA OPEC Royal Dutch Shell Twitter Whiting Petroleum Craig Erlam Mohammed bin Salman Donald Trump Putin Trump Asia BRICS Countries Emerging Market Countries Developing Economies Central/Eastern Europe Europe Persian Gulf Region Middle East North America Russia Saudi Arabia United States CIS Countries Western Asia Financial Performance Share Price Movement/Disruptions Corporate/Industrial News Economic Performance/Indicators Employment/Unemployment Figures Economic News Jobless Claims Equity Markets Commodity/Financial Market News Content Types Factiva Filters C&E Exclusion Filter C&E Industry News Filter BKR CCL GE N/CNW N/GENI N/IEI N/IEJ N/IEN N/MKT N/OPC N/PFM N/STK OXY R/ARA R/ASI R/EEU R/EU R/FEO R/ML R/NME R/RS R/SA R/UR R/US WLL XOM Barrons.com Barrons Blogs Brent crude oil futures crude oil futures COMP DJIA Dow Jones Industrial Average Nasdaq Composite S&P 500 SPX CODES_REVIEWED Asia Europe Markets US author Steve Goldstein author|Steve Goldstein topicid 185 name Steve Goldstein extractedtext Steve Goldstein rank 1 codetype author code steve_goldstein nameformat surname_first author Steve Goldstein id Steve Goldstein author Nicholas Jasinski author|Nicholas Jasinski topicid 8575 name Nicholas Jasinski extractedtext Nicholas Jasinski rank 2 codetype author code nicholas_jasinski nameformat surname_first author Nicholas Jasinski id Nicholas Jasinski author Al Root author|Al Root topicid 8578 name Al Root extractedtext Al Root rank 3 codetype author code al_root nameformat surname_first author Al Root id Al Root co opexpc co|opexpc fullextractedtext OPEC displayname OPEC confidence 94 why occur extractedtext OPEC source FACTIVA subcat org relevance 25 significance passing name OPEC confidencerange high relevancerange low fcode opexpc codetype co code opexpc onlinesignificance passing-mention co crnivl co|crnivl country US symbol CCL codetype co displayname Carnival why occur extractedtext Carnival (CCL) source FACTIVA seoname carnival name Carnival (CCL) countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/CCL fcode crnivl fullextractedtext Carnival (CCL) ticker CCL confidence 100 subcat com code crnivl relevance 27 significance passing confidencerange high exchange NYSE exchangeisocode XNYS onlinesignificance passing-mention co oandac co|oandac fullextractedtext OANDA codetype co displayname OANDA confidence 100 why occur extractedtext OANDA source FACTIVA subcat com code oandac relevance 4 name OANDA significance passing confidencerange high relevancerange low fcode oandac onlinesignificance passing-mention co twnit co|twnit country US symbol TWTR codetype co displayname Twitter extractedtext Twitter source FACTIVA seoname twitter name Twitter countrycode US relevancerange verylow chartingsymbol STOCK/US/XNYS/TWTR fcode twnit fullextractedtext Twitter ticker TWTR confidence 100 subcat com code twnit relevance 1 confidencerange high exchange NYSE exchangeisocode XNYS co whipc co|whipc country US symbol WLL codetype co displayname Whiting Petroleum why about extractedtext Whiting Petroleum source FACTIVA occurs true seoname whiting_petroleum name Whiting Petroleum orgtype public countrycode US relevancerange low chartingsymbol STOCK/US/XNYS/WLL fcode whipc fullextractedtext Whiting Petroleum ticker WLL confidence 100 subcat com code whipc relevance 25 significance prominent confidencerange high exchange NYSE exchangeisocode XNYS onlinesignificance prominent co enpl co|enpl country ES symbol REP.MC codetype co displayname Repsol extractedtext Repsol source FACTIVA seoname repsol name Repsol countrycode ES relevancerange verylow chartingsymbol STOCK/ES/MABX/REP fcode enpl fullextractedtext Repsol ticker ES:REP confidence 100 subcat com code enpl relevance 1 confidencerange high exchangeisocode MABX co fmctec co|fmctec country US symbol FTI.FR codetype co displayname TechnipFMC extractedtext TechnipFMC source FACTIVA seoname technipfmc name TechnipFMC countrycode US relevancerange verylow chartingsymbol STOCK/US/XNYS/FTI fcode fmctec fullextractedtext TechnipFMC ticker FTI confidence 100 subcat com code fmctec relevance 1 confidencerange high exchange NYSE exchangeisocode XNYS co rnlp co|rnlp country US symbol RDSA.LN codetype co displayname Royal Dutch Shell extractedtext Royal Dutch Shell source FACTIVA seoname royal_dutch_shell name Royal Dutch Shell countrycode US relevancerange verylow chartingsymbol STOCK/US/XNYS/RDS.A fcode rnlp fullextractedtext Royal Dutch Shell ticker RDS.A confidence 100 subcat com code rnlp relevance 1 confidencerange high exchange NYSE exchangeisocode XNYS co bakint co|bakint significance passing codetype co why occur source FACTIVA subcat com code bakint fcode bakint onlinesignificance passing-mention co exxn co|exxn significance passing codetype co why occur source FACTIVA subcat com code exxn fcode exxn onlinesignificance passing-mention co gnelc co|gnelc significance passing codetype co why occur source FACTIVA subcat com code gnelc fcode gnelc onlinesignificance passing-mention co occid co|occid significance passing codetype co why occur source FACTIVA subcat com code occid fcode occid onlinesignificance passing-mention co usair co|usair significance passing codetype co why occur source FACTIVA subcat com code usair fcode usair onlinesignificance passing-mention co usdtr co|usdtr significance passing codetype co why occur source FACTIVA subcat org code usdtr fcode usdtr onlinesignificance passing-mention company WLL company|WLL name Whiting Petroleum significance PROMINENT company CCL company|CCL name Carnival (CCL) significance PASSING-MENTION djn N/OPC djn|N/OPC significance passing name N/OPC why occur source FACTIVA fcode N/OPC codetype djn code n_opc onlinesignificance passing-mention djn N/IEI djn|N/IEI name N/IEI why lineage source FACTIVA fcode N/IEI codetype djn code n_iei djn N/IEJ djn|N/IEJ name N/IEJ why lineage source FACTIVA fcode N/IEJ codetype djn code n_iej djn N/GENI djn|N/GENI name N/GENI why lineage source FACTIVA fcode N/GENI codetype djn code n_geni djn N/IEN djn|N/IEN name N/IEN why lineage source FACTIVA fcode N/IEN codetype djn code n_ien djn R/FEO djn|R/FEO significance prominent name R/FEO why about source FACTIVA fcode R/FEO codetype djn code r_feo onlinesignificance prominent djn R/RS djn|R/RS significance prominent name R/RS why about source FACTIVA fcode R/RS codetype djn code r_rs onlinesignificance prominent djn R/EEU djn|R/EEU name R/EEU why lineage source FACTIVA fcode R/EEU codetype djn code r_eeu djn R/EU djn|R/EU name R/EU why lineage source FACTIVA fcode R/EU codetype djn code r_eu djn R/UR djn|R/UR name R/UR why lineage source FACTIVA fcode R/UR codetype djn code r_ur djn CCL djn|CCL codetype djn why occur source FACTIVA code ccl name CCL significance passing fcode CCL onlinesignificance passing-mention djn N/STK djn|N/STK codetype djn why about source FACTIVA code n_stk name N/STK significance prominent fcode N/STK onlinesignificance prominent djn WLL djn|WLL codetype djn why about source FACTIVA occurs true code wll name WLL significance prominent fcode WLL onlinesignificance prominent djn N/MKT djn|N/MKT codetype djn why about source FACTIVA code n_mkt name N/MKT significance prominent fcode N/MKT onlinesignificance prominent djn R/SA djn|R/SA codetype djn why about source FACTIVA code r_sa name R/SA significance prominent fcode R/SA onlinesignificance prominent djn R/ASI djn|R/ASI codetype djn name R/ASI why lineage source FACTIVA code r_asi fcode R/ASI djn R/ARA djn|R/ARA codetype djn name R/ARA why lineage source FACTIVA code r_ara fcode R/ARA djn R/ML djn|R/ML codetype djn name R/ML why lineage source FACTIVA code r_ml fcode R/ML djn BKR djn|BKR codetype djn why occur source FACTIVA code bkr name BKR significance passing fcode BKR onlinesignificance passing-mention djn XOM djn|XOM codetype djn why occur source FACTIVA code xom name XOM significance passing fcode XOM onlinesignificance passing-mention djn GE djn|GE codetype djn why occur source FACTIVA code ge name GE significance passing fcode GE onlinesignificance passing-mention djn OXY djn|OXY codetype djn why occur source FACTIVA code oxy name OXY significance passing fcode OXY onlinesignificance passing-mention djn N/PFM djn|N/PFM codetype djn name N/PFM why lineage source FACTIVA code n_pfm fcode N/PFM djn N/CNW djn|N/CNW codetype djn name N/CNW why lineage source FACTIVA code n_cnw fcode N/CNW djn R/US djn|R/US codetype djn why about source FACTIVA code r_us name R/US significance prominent fcode R/US onlinesignificance prominent djn R/NME djn|R/NME codetype djn name R/NME why lineage source FACTIVA code r_nme fcode R/NME first_publish_headline Oil Futures Jump While Global Stocks Edge Higher first_publish_headline|Oil Futures Jump While Global Stocks Edge Higher flow Barrons.com flow|Barrons.com codetype FLOW name Barrons.com source MANUAL value Barrons.com code online status modified name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW source MANUAL title Product code Barrons_Blogs name Barrons Blogs value Barrons Blogs status modified future crude oil futures future|crude oil futures symbol CRUDE OIL - ELECTRONIC country US codetype future displayname Crude Oil WTI (NYM $/bbl) Front Month extractedtext crude oil futures source MANUAL code crude_oil_electronic name crude oil futures significance prominent exchange NYM exchangeisocode XNYM chartingsymbol FUTURE/US/XNYM/CL.1 status modified onlinesignificance passing-mention future Brent crude oil futures future|Brent crude oil futures symbol UK:BRENT CRUDE country UK codetype future displayname Brent Crude Oil Continuous Contract extractedtext Brent crude oil futures source MANUAL code uk_brent_crude name Brent crude oil futures significance prominent exchange IFEU exchangeisocode IFEU chartingsymbol FUTURE/UK/IFEU/BRN00 status modified onlinesignificance passing-mention headline Hope for a Deal on Oil Gave a Lift to the Dow headline|Hope for a Deal on Oil Gave a Lift to the Dow id facebook id|facebook news_tab_url https://www.barrons.com/articles/oil-futures-jump-while-global-stocks-edge-higher-51585819239 index Dow Jones Industrial Average index|Dow Jones Industrial Average symbol DJIA country US codetype index displayname Dow Jones Industrial Average extractedtext Dow Jones Industrial Average source MANUAL code djia name Dow Jones Industrial Average significance prominent exchange Dow Jones Global exchangeisocode DOW JONES GLOBAL chartingsymbol INDEX/US/DOW JONES GLOBAL/DJIA status modified onlinesignificance prominent index S&P 500 index|S&P 500 symbol SPX country US codetype index displayname S&P 500 Index extractedtext S&P 500 source MANUAL code spx name S&P 500 significance prominent exchange S&P US exchangeisocode S&P US chartingsymbol INDEX/US/S&P US/SPX status modified onlinesignificance prominent index Nasdaq Composite 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CODES_REVIEWED codetype STATISTIC code CODES_REVIEWED subject OEMK subject|OEMK description 04|Markets|Europe Mkts News source EXPANDER value OEMK codetype SUBJECT code oemk subject OAMK subject|OAMK codetype SUBJECT description 04|Markets|Asia Mkts News source EXPANDER value OAMK code oamk subject BARMKTS subject|BARMKTS codetype SUBJECT selectable true title Markets code BARMKTS name Markets canbedisplaysubject true ruleid BARMKTS value BARMKTS status modified subject BARUS subject|BARUS codetype SUBJECT title US code BARUS name US canbedisplaysubject true ruleid BARUS value BARUS status modified subject BAREUROPE subject|BAREUROPE codetype SUBJECT title Europe code BAREUROPE name Europe canbedisplaysubject true ruleid BAREUROPE value BAREUROPE status modified subject BARASIA subject|BARASIA codetype SUBJECT title Asia code BARASIA name Asia canbedisplaysubject true ruleid BARASIA value BARASIA status modified wordcount 738 wordcount|738 Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Getty Images Hope for a Deal on Oil Gave a Lift to the Dow Hope for a Deal on Oil Gave a Lift to the Dow Oil Futures Jump While Global Stocks Edge Higher

Oil futures surged on Thursday while global stock markets saw more limited moves after a rough start to the second quarter.

Hope for a Deal on Oil Gave a Lift to the Dow

WTI futures soared 25% after remarks by President Donald Trump suggesting that Saudi Arabia and Russia can end their market-share war.

https://www.barrons.com/articles/coronavirus-news-updates-jobless-claims-surge-past-6-million-as-coronavirus-hits-u-s-economy-51585831202?mod=hp_LATEST https://www.barrons.com/articles/oil-prices-trump-tweet-saudi-crown-prince-russia-putin-51585840278?mod=hp_DAY_1 https://www.barrons.com/articles/oil-futures-jump-while-global-stocks-edge-higher-51585819239?mod=hp_LEAD_1 https://twitter.com/realDonaldTrump/status/1245720677660925952 https://www.bloomberg.com/news/articles/2020-04-02/china-to-start-buying-oil-for-state-reserves-after-price-crash https://www.barrons.com/articles/ge-stock-annual-report-boeing-737-max-debt-pension-cash-flow-51582642465 https://www.barrons.com/articles/airline-stocks-are-getting-hammered-and-the-worst-is-yet-to-come-51585756302 mailto:steven.goldstein@wsj.com Hope for a Deal on Oil Gave a Lift to the Dow By Steve Goldstein, Nicholas Jasinski, and Al Root Getty Images

U.S. stock indexes closed higher after a choppy day of trading as oil prices soared and investors processed the news that a record 6.6 million people—2% of the U.S. population—filed initial claims for unemployment benefits last week.

The numbers weren’t necessarily a surprise, but a reminder of just how hard and fast the coronavirus disruption is hitting American workers.

The Dow Jones Industrial Average ended the day up 470 points, or 2.2%, rebounding from negative territory in the morning and again in the afternoon. The S&P 500 gained 2.3% and the Nasdaq Composite rose 1.7%.

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Oil prices jumped, with West Texas Intermediate registering its largest one-day percentage gain on record. It rose 24.7% to $25.32, following remarks by President Donald Trump suggesting that Saudi Arabia and Russia can end their market-share war.

“I have confidence in both that they’ll be able to work it out,” Trump said on Wednesday at a White House press briefing.

He added on Twitter on Thursday morning: “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!”

The Kremlin later denied that Putin had spoken with Mohammed bin Salman, the Saudi crown prince. Saudi Arabia, for its part, called for an emergency meeting of OPEC and other oil-exporting countries to stabilize the oil market.

Trump is due to meet oil executives on Friday. S&P 500 energy sector shares jumped more than 9%.

Craig Erlam, senior market analyst at OANDA Europe, said prior to the Thursday morning tweet that the bankruptcy of Whiting Petroleum, a U.S. shale-oil producer, may be boosting oil as well.

“We’ve heard a lot about the indebtedness of many of the shale firms so more may follow quickly behind,” he said. “Which again begs the question, after years of conceding market share to the U.S., why would Russia and Saudi Arabia make a deal to effectively save shale producers?”

The gains for oil also come as Bloomberg News reported China would be buying oil to fill their reserves.

The Stoxx Europe 600 ended the day up 0.4%, reversing earlier losses. Japan’s Nikkei 225 index closed down 1.4% Thursday, while China’s Shanghai Composite gained 1.7%.

The yield on the 10-year U.S. Treasury bond fell by less than a basis point, or hundredth of a percentage point, to 0.627%. The price of gold rose 2.8%, to $1,636.20 an ounce. Both moves suggest there is still demand for haven assets from investors.

Oil producers including Repsol and Royal Dutch Shell and oil service firms including TechnipFMC, were helped by the rally in oil.

In the U.S., Occidental Petroleum (ticker: OXY) stock soared 18.8% and Exxon Mobil (XOM) shares jumped 7.6%.

Shares of Baker Hughes (BKR), a services provider to the oil industry, rose 5.6%. That’s a bit of good news for General Electric (GE): GE still owns about 38% of Baker shares. GE shares closed down 2.1%, reversing earlier gains.

Some travel shares continued to fall after a brutal Wednesday. Cruise operator Carnival (CCL) shares lost 9.1% after falling over 30% Wednesday. American Airlines (AAL) shares were down 6% after falling 5.9% to start the second quarter.

Write to Steve Goldstein at steven.goldstein@wsj.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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