The Dow climbed 260.1 points, or 1.11%, to 23,775.27. The S&P 500 gained 1.39% to 2,836.74. The Nasdaq Composite advanced 1.65% to 8,634.52. Stocks closed higher as oil extended its rebound from historic lows, but still posted their first weekly loss in three.
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 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.