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Stocks end another whipsaw day solidly higher, led by energy

Stocks end another whipsaw day solidly higher, led by energy
Posted at 1:14 PM, Apr 02, 2020
and last updated 2020-04-02 16:37:55-04

Stocks are closing solidly higher after another whipsaw day, giving the market its first gain in three days.

Major U.S. indexes rose more than 2% Thursday. Energy stocks led the way higher as the price of crude oil jumped 25%, bouncing further off an 18-year low, after President Donald Trump said he expects Saudi Arabia and Russia to dial down their price war.

The rebound in oil, which was welcome news to a struggling U.S. energy sector, offset another dire report on the jobs market. Millions more Americans filed for unemployment benefits last week as businesses shut down because of the coronavirus outbreak.