US stocks bounce despite surge in US jobless claims amid Covid-19 shakeout

Wall Street bounced last night as hopes of a truce between Saudi Arabia and Russia to cut oil output drove a record 22% surge in prices, outweighing the shock of over 6 million Americans filing for jobless claims due to virus-led lockdowns.

The S&P energy index, down by half this year, climbed 10%, with big gains for majors Exxon Mobil and Chevron powering a near 2% rise for both the S&P 500 and the Dow Jones.