All three of the major U.S. averages had opened the second quarter with losses

U.S. equity markets surged to session highs Thursday morning, shrugging off a record number of first-time unemployment filings, after President Trump said he expects Russia and Saudi Arabia will sharply cut oil production.


The announcement sent West Texas Intermediate crude oil soaring by more than 30 percent to as high as $27.39 per barrel. Also on Thursday, China said it would begin filling up its reserves.

The Dow Jones Industrial Average gained as many as 534 points, or 2.55 percent. The S&P 500 and Nasdaq Composite rose as much as 2.55 percent and 1.92 percent, respectively.

The announcement from Trump provided a lift to a stock market that was searching for direction after a Labor Department report showed initial jobless claims rose to a record 6.648 million in the week ended March 28, exceeding the 3.5 million that was expected as the pandemic brings the U.S. economy to a standstill. The number shattered an all-time high of 3.3 million filings set only last week. The March jobs report will be released on Friday.

COVID-19 has infected at least 216,700 people in the U.S. and killed 5,137, according to the latest figures provided by Johns Hopkins University & Medicine. More than 8,600 people in the country have recovered.

Looking at stocks, shares of Exxon Mobil, Chevron and Continental Resources were among the beneficiaries ahead of Friday’s meeting between Trump and executives from the industry. Read more at FOX Business