First weekly loss in three for Wall Street

First weekly loss in three for Wall Street

A woman with a facial mask passes the New York Stock Exchange (NYSE) on February 3, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average rises 260 points

Oil extends gains from record lows

U.S. crude futures rose 2.7% to settle at $16.94 per barrel, amid hopes the U.S. will reduce some of its production to account for shrinking demand and storage capacity. Stocks also got a boost after Reuters reported that a U.S. government-led trial of remdesivir was running ahead of schedule. The report said those results could be ready by mid-May, with preliminary numbers possibly out earlier.

Boeing drops, Apple climbs

Boeing shares dropped 6.36% on news the airplane maker was delaying the return of the 737 Max. The company is also reportedly cutting 787 Dreamliner production in half. Those losses were offset in part by a 2.89% climb in Apple shares.

What happens next?

The Federal Reserve will hold its next monetary policy meeting next week. Earnings from Facebook, Amazon and Alphabet are set to report earnings.

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