More than a few folks probably made money because Trump hinted he was “going to do something” yesterday in his presser. Not the first timing, because it’s not really hinky, is it. Or are there suckers not keeping track of an upcoming meeting of Trump with oil CEOs tomorrow. Darn these disinformation stunts to pressure decisions not made by the principals.
— Donald J. Trump (@realDonaldTrump) April 2, 2020
U.S. stocks extended gains, boosted by energy shares as oil surged after a report that President Donald Trump will announce crude production cuts. Treasuries fell and the dollar advanced.
The S&P 500 Index rose more than 2% after CNBC reported that the president would announce cuts to global oil supplies after discussions with Russia and Saudi Arabia. Crude surged past $24 a barrel, Chevron Corp. lead all gainers on the benchmark. Ten-year Treasury yields edged lower, and the dollar gained against major peers.
— Joe (@GantosJ) April 2, 2020