Wall Street gains as oil soars 30%

Wall Street gains as oil soars 30%

The S&P energy index .SPNY, down by half this year, climbed 10%, with big gains for majors Exxon Mobil Corp ( XOM.N ) and Chevron Corp ( CVX.N ) powering a near 2% rise for both the S&P 500 .SPX and the Dow Jones .DJI .. Saudi Arabia has called for an emergency meeting of oil producers, while U.S.. A bump in prices may still not be enough to save some of the debt-laden U.S. shale companies that are on the brink of bankruptcy as demand continues to plunge, wrought by the coronavirus pandemic.. Analysts foresee a further decline in U.S. stocks as country-wide shutdowns to limit the spread of the virus result in a virtual halt in business activity and force companies to lay off employees and save cash.. At 12:52 p.m. ET the Dow Jones Industrial Average .DJI was up 377.55 points, or 1.80%, at 21,321.06, the S&P 500 .SPX was up 49.73 points, or 2.01%, at 2,520.23 and the Nasdaq Composite .IXIC was up 112.09 points, or 1.52%, at 7,472.67..