Stocks rise as a bounce in oil prices lifts energy sector
By STAN CHOE and DAMIAN J. TROISE AP Business Writers
NEW YORK (AP) — Stocks rose and the price of oil bounced further off its lowest level in 18 years after President Donald Trump said he expects Saudi Arabia and Russia to dial down their price war. The price of oil soared 24% Thursday to nearly $25 a barrel. Energy stocks rose 10%, though they still face extreme challenges with the price of oil as low as it its. The S&P 500 rose 2%. The gains helped overshadow another report showing the coronavirus outbreak is forcing a record-breaking number of Americans into the unemployment queue. More than 6.6 million people applied for unemployment benefits last week.