NEW YORK, New York - U.S. stocks made strong gains on Thursday as oil prices turned up sharply, on the back of a reported deal between Russia and Saudi Arabia, with support from U.S. President Donald Trump.
Profit-takers, believing the market had overshot on the downside were also in the mix.
"It got beaten up so badly, you don't rally like this unless it was many people thinking this got overdone," JJ Kinahan, chief market strategist at TD Ameritrade in Chicago told Reuters Thomson on Thursday.
At the close of trading Thursday the Dow Jones Industrial Average was ahead 469.93 points, or 2.24%, at 21,413.44.
The Standard and Poor's rose 56.4 points, or 2.28%, to 2,526.9.
The tech-laden Nasdaq Composite climbed 126.73 points, or 1.72%, to 7,487.31.
The U.S. dollar jumped sharply against other currencies, particularly the euro which dived to 1.0858.
The Japanese yen fell to 107.83. The Swiss franc weakened to 0.9731. The British pound was a fraction lower at 1.2405.
The Canadian dollar fell to 1.4134. The Australian dollar was weaker at 0.6057, while the New Zealand dollar dropped to 0.5914.
Overseas, the FTSE 100 in London edged up 0.47%. The German Dax rose 0.27%, while in Paris, the CAC 40 was up 0.33%.
On Asian markets, in Japan, the Nikkei 225 dived 246.69 points or 1.37% to 17,818.72.
The Australian All Ordinaries fell 102.00 points or 1.93% to 5,188.70.
China's Shanghai Composite was off 46.12 points or 1.69% to 2,780.64.
The Hang Seng in Hong Kong went against the trend, rising 194.27 points or 0.84% to 23,280.06.