US stocks close higher, led by recovery in oil prices

US stocks surged on Thursday, to shake off disappointing unemployment claims data, driven by the recovery in oil prices, which buoyed energy stocks.

President Donald Trump tweeted that he has spoke to Saudi Crown Prince Muhammad bin Salman and discussed ways to balance the global energy market, adding that he expects Saudi Arabia and Russia to agree on cutting back about 10 to 15 million barrels per day.

Trump wants the falling prices to stabilize in order to support the US energy industry, as several oil companies declared bankruptcy after the oil prices crash.

To the oil market, Brent jumped 21% to close at $29.91 a barrel, after hitting a day high of $36.2 and a low of $25.4.

West Texas Intermediate also climbed by 24.7% to $25.32 a barrel, with a high of $27.3 and a low of $20.7.

The US department of labor revealed that the jobless claims rose by 3.3 million to 6.648 million in past week, the all-time record.

While the monthly jobs report will be released tomorrow, which will provide key insight on the labor market overall state during March.

As for stocks, Dow Jones rose 2.2% or 470 points to close at 21,413, and hit a day high of 21,477 and a low 20,735.

Nasdaq rose by 1.7% or 126 points to 7,487 points, with a high of 7,501 and a low of 7,308 points.

S&P 500 rose by 2.3% or 56 points to close at 2,527 with a high of 2,533 and a low of 2,455.