Stocks jump as crude rallies on hopes for Saudi-Russia truce

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Energy stocks propelled the broader stock market higher Thursday, driven by a surge in crude prices on hopes that Saudi Arabia and Russia could step back from their price war.

The Dow Jones industrial average jumped 300 points, a day after the blue-chip index shed nearly 1,000 points at the start of a new quarter. The Standard & Poor’s 500 jumped 1.5%, led by gains in the energy sector. Shares of Exxon Mobil and Chevron gained 10% and 11%, respectively. 

Crude, which is coming off of its worst quarter ever, soared more than 25% Thursday after President Donald Trump said he was confident that Saudi Arabia and Russia would resolve their dispute over oil output and prices in the coming days. Trump told CNBC Thursday that he expects both countries to cut production by about 10 million barrels. 

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