Quincy Krosby, Prudential Financial, and Ryan Detrick, LPL Financial, join 'Power Lunch' to discuss what they're watching in the market amid the coronavirus pandemic. Stocks rose for the first time in three days on Wednesday as crude prices stabilized after a record plunge while better-than-expected earnings also lifted market sentiment.
The Dow Jones Industrial Average jumped 456.94 points, or nearly 2%, to 23,475.82. The S&P 500 climbed 2.3% to 2,799.31 while the Nasdaq Composite advanced 2.8%. to 8,495.38 The major averages reached their session highs in the final minutes of trading, with the Dow gaining more than 550 points. (Click here for the latest market news.)
The West Texas Intermediate contract for June was up 19%, settling at $13.78 per barrel, after an earlier decline. Brent futures, meanwhile, were up 7.6% at $20.76 per barrel, recovering from a sharp overnight drop.
Energy stocks rose broadly amid oil’s surge. The sector gained over 3% as Halliburton closed 10.3% higher. Diamondback Energy and Noble Energy both gained more than 7%.
Crude seemed to get a jolt after President Donald Trump tweeted he had “instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.”
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