Dow Jones extends gains, adds more than 1300 points

US stock indices surged on Thursday, following the US Senate vote on the historic fiscal stimulus aid package, despite the release of weak data.

The US senate passed the huge $2 trillion US stimulus package, which is aimed at providing support for the most affected US sectors by the pandemic.

The US Department of Labor revealed that the jobless claims rose by 3.001 million to the all-time largest reading of 3.283 million during the past week, while the final GDP reading showed growth by 2.1% during the fourth quarter of last year.

Most experts estimate that the US economy will enter a recession during the first and second quarters of this year, due to the impact of the coronavirus outbreak.

To the oil market, WTI crude tumbled 7.7% to close at $22.6 a barrel, with an intraday high of $24.6 and a low of $23.05.

Brent lost 3.8% to $26.34 a barrel, after it hit a high of $27.7 and a low of $26.2.5.

As for stocks, Dow Jones rose 6.4% or 1351 points to close at 22,552, and hit an intraday high 22,595 and a low 21,427.

Nasdaq rose by 5.6% or 413 points to 7,797 points, with a high of 7,809 and a low of 7,462 points.

S&P 500 rose by 6.2% or 154 points to close at 2,630 with a high of 2,637 and a low of 2,500.