Oil prices, energy stocks surge at Wall Street as markets optimistic that talks between Saudi Arabia and Russia would end price war
In this photo taken from video provided by the New York Stock Exchange, Robert Glorioso, Chief, Building Engineering Operations, rings the opening bell at the NYSE, Thursday, April 2, 2020
But stocks and oil quickly pared much of their initial gains and then see-sawed through the day as markets weighed how seriously to take Trump’s statement, particularly after the Kremlin reportedly disputed part of his tweet, before climbing again to the close. The market’s focus has been on oil not just because its plunge to below $20 earlier this week from $60 at the start of the year has caused stocks in the industry to more than halve. Another worry is that heavily indebted oil companies will also be forced to default, which could cause more damage in the bond market where the total amount of debt has exploded.
“This is a knee-jerk reaction more than anything else,” said Willie Delwiche, investment strategist at Baird. “I don’t think it changes much of the bigger picture for what we’re going through in terms of economic uncertainty and trying to wrap our minds around the extent of the weakness we’re going to see.”
Roughly one of every 16 Americans in the workforce has applied for unemployment benefits in the last two weeks, and economists expect the number only to rise further. That has many investors bracing for what may be the worst recession of their lifetimes. The S&P 500 is still down nearly 22 percent for 2020 so far, and investors are preparing for companies to soon begin reporting weaker profits from year-ago levels. Earnings reporting season for the first quarter kicks off in earnest in two weeks.
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