Dow surges 800 pts at open on oil output cut deal hopes

Monday, 06. April 2020 15:30

United States stock markets opened the Monday's session in the green territory with the Dow Jones jumping more than 800 index points as investors focus on a potential agreement between Russia and Saudi Arabia on oil production cuts.

According to Chief Executive Officer of Russia’s sovereign wealth fund Russian Direct Investment Fund Kirill Dmitriev, the two sides are "very close" to reaching the deal on oil market stabilization. Meanwhile, United States President Donald Trump asserted that the US would impose "very substantial tariffs" on crude imports in case of a no-deal scenario, but added that he believes it won't be necessary.

The Dow jumped 4.28% at the opening bell as Boeing added over 7%, while the S&P 500 soared 4.01% at the same time driven by Royal Caribbean's rise of over 11%. Meanwhile, the Nasdaq 100 started the session ticking 3.63% higher with Ulta Beauty gaining nearly 14%.

The euro slid 0.28% against the dollar, changing hands for 1.07792 at 9:29 am ET.

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Breaking the News / GA