US stocks climbed on Thursday, continuing Wednesday's gains, as the Federal Reserve announced an additional $2.3 trillion in aid to businesses and governments.
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Oil gained roughly 5% as investors awaited news from a virtual meeting beginning today between OPEC and its allies. Expectations are that the largest oil producers will agree on production cuts, aiding slumping prices as the coronavirus crisis has cratered demand. "Given the magnitude of the current economic crisis, there's a high chance of a deal being struck," Hussein Sayed, chief market strategist at FXTM told Business Insider."Markets are pricing a 10 – 15 million barrels a day cut in oil production."
Investors also watched news on coronavirus pandemic. In the US, deaths from COVID-19 are 14,700 with nearly 430,000 cases. Globally, there are 1.5 million cases and more than 88,000 deaths. SomeMarkets will be closed Friday in observance of Good Friday in the US.
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