US stocks close higher as Dow jones jumps by 306 points

US stocks rose today as the recession concerns eased in the global markets, amid cautious monitoring of the slowdown signes, but Wall Street suffered weekly losses, as it didn't get rid of the sharp losses it saw during last Wednesday.

The US economy revealed today that the housing starts fell, while the building permits increased during last month.

President Trump spoke with several major banks' chiefs on Wednesday during the sharp drop in Wall Street.

FOMC member Neel Kashkari said that the US Fed will need further rate cuts to face the increased recession risks.

The US bonds yield curve inversion, which the markets interpreted it as a strong signal of a possible recession.

However, FOMC member, James Pollard, sees that this signal is not necessarily enough as the yield curve inversion should be continues to call it a signal on recession.

In the oil market, WTI rose today by 0.7% to close at $54.87 a barrel, notching a weekly gain of 0.7%, with an intraday high of $55.6 and a low of $54.2.

Brent rose 0.7%  to close at $58.64 a barrel, posting a weekly gain of 0.2%, with a high of $59.5 and a low of $58.2.

While Dow Jones rose 1.2% or 306 points to close at 25,886 points, hitting a weekly loss of 1.5%, with an intraday high of 25,929 points and a low of 25,678.

Nasdaq rose by 1.7% or 129 points to 7,895, posting a weekly loss of 1%, with a high of 7,907 and a low of 7,828.

S&P 500 rose by 1.4% or 41 points to close at 2,888 points, to log a weekly loss of 0.8%, with a high of 2,893 and a low of 2,864.