(CNBC) Stocks rose in volatile trading Thursday, led by oil’s biggest one-day rally on record. However, a massive spike in unemployment claims added to concerns over the coronavirus and its impact on the economy.
The Dow Jones Industrial Average traded 255 points higher, or 1.2%. The S&P 500 was up 1.4% while the Nasdaq Composite climbed 0.8%. At its session high, the Dow was up 534 points, or more than 2%.
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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.