Dow Jones Industrial Average rises 260 points
The Dow climbed 260.1 points, or 1.11%, to 23,775.27. The S&P 500 gained 1.39% to 2,836.74. The Nasdaq Composite advanced 1.65% to 8,634.52. Stocks closed higher as oil extended its rebound from historic lows, but still posted their first weekly loss in three.
Oil extends gains from record lows
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. Stocks also got a boost after Reuters reported that a U.S. government-led trial of remdesivir was running ahead of schedule. The report said those results could be ready by mid-May, with preliminary numbers possibly out earlier.
Boeing drops, Apple climbs
Boeing shares dropped 6.36% on news the airplane maker was delaying the return of the 737 Max. The company is also reportedly cutting 787 Dreamliner production in half. Those losses were offset in part by a 2.89% climb in Apple shares.
What happens next?
The Federal Reserve will hold its next monetary policy meeting next week. Earnings from Facebook, Amazon, and Alphabet are set to report earnings.