Stocks posted modest gains on Thursday, recovering from a three-year low as oil prices jumped the highest ever in a single day and President Trump highlighted possible coronavirus therapies.
The Dow Jones Industrial Average rose 188 points, or 0.9%, to close at 20,087. The tech-heavy Nasdaq climbed 2.3%, and the S&P 500 rose 0.47%.
U.S. oil prices surged 23% on Thursday, posting its best day ever and recovering about half of Wednesday’s losses.
The Fed also said late Wednesday it would launch a new lending facility to support U.S. money-market mutual funds. Treasury Secretary Steven T. Mnuchin said the move “will enhance the liquidity and smooth functioning of money markets, support the flow of credit to hardworking Americans, and help stabilize the broader financial system.”
• Dave Boyer can be reached at dboyer@washingtontimes.com.
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