Here’s what happened to the stock market

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Dow Jones Industrial Average rises 456 points

The Dow surged 456.94 points, or 1.99%, to 23,475.82. The S&P 500 advanced 2.29% to 2,799.31. The Nasdaq Composite gained 2.81% to 8,495.38. Stocks got a boost as oil prices clawed back some of their historic losses while solid earnings lifted sentiment as well.

Oil surges

The West Texas Intermediate contract for June jumped 19%, erasing an earlier decline and lifting the energy sector in the S&P 500. Crude seemed to get a jolt after President Donald Trump tweeted he had “instructed the United States Navy to shoot down and destroy any and all Iranian gunboats if they harass our ships at sea.” Still, one trader notes that oil’s price action over the past few days “not only points us back to the economy and demand side, but is showing signs of spillover and contagion in risk toward other markets.”

Chipotle jumps on earnings

Chipotle shares gained more than 12% after the company reported quarterly earnings that beat analyst expectations. Snap shares gained more than 36% on the back of its quarterly numbers.

What happens next?

Weekly jobless claims data are scheduled for release Thursday along with earnings from Domino’s PizzaEli Lilly and Southwest Airlines.

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