- Stocks staged a late turnaround in a volatile session, led by a 183-point gain for the Dow after falling as much as 193 points earlier, as an 8% surge in crude oil prices goosed beaten-down energy and materials companies.
- The energy and materials sector indexes jumped 3.6% and 3.3%, respectively, as U.S. crude futures popped 8% to $32.28/bbl; however, financials (-0.1%), consumer discretionary (-0.3%) and tech (-0.4%) underperformed.
- The dollar fell sharply vs. the euro and yen, as investors sold amid falling interest rates in the U.S. and continued nervousness about global growth.
- Also, NY Fed President Dudley said financial conditions have tightened since December's rate increases and that additional strength from the dollar could have "significant consequences" for the U.S. economy.
- Trading activity was in-line with recent averages, as more than 1B shares changed hands on the NYSE floor.
- U.S. Treasury prices ended on their lows, with the yield on the 10-year benchmark note higher by 3 bps at 1.88%.