Wall Street Rallies as Oil Prices Rise

Stocks on Wall Street rallied along with oil prices, as investors were encouraged by efforts to reopen economies, as well as by signs from Europe and China that the worst of the coronavirus pandemic may be over in some of the hardest-hit places. The S&P 500 climbed nearly 1 percent in a second day of gains. Underscoring the optimism across financial markets, oil prices surged. The price of benchmark crude in the United States rose about 20 percent to $24.49 a barrel. Brent crude, the international benchmark, was up about 14 percent at $31. The stock market gains — the S&P 500 is up about 30 percent over the past six weeks — have come even as companies report discouraging financial results and warn of the economic damage being caused by the pandemic.