Oil Throws Dow a Lifeline as Desperate Saudis Plan Even Bigger Output Cuts

Sam Bourgi
Updated
khalid al-falih dow jones saudi arabia opec oil
khalid al-falih dow jones saudi arabia opec oil

The U.S. stock market clung to gains Wednesday, as rebounding oil prices propelled the energy sector-heavy Dow higher following Saudi Arabia’s latest pledge to scale back production.

DOW SLAMS ON THE BRAKES

By the middle of the day, the Dow Jones Industrial Average had given up most of its 200-point gain. The blue-chip index is currently up 74.42 points, or 0.29%, at 25,500.18. It opened with a triple-digit gain following a strong pre-market showing for Dow futures.

dow jones industrial average
dow jones industrial average

The Dow pulled back following a triple-digit gain in the morning.

Financials bellwether Goldman Sachs Group Inc. (GS) was the Dow’s best performer on Wednesday. It was followed closely by Visa Inc. (V) and Wallgreens Boots Alliance Inc. (WBA).

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