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Dow climbs 1,600 points as U.S. stocks close with major gains; oil prices fall

An American Flag hangs outside of the New York Stock Exchange on Wall Street in New York City on March 18. The Dow climbed more than 1,5600 points at the end of trading Monday. Photo by John Angelillo/UPI
An American Flag hangs outside of the New York Stock Exchange on Wall Street in New York City on March 18. The Dow climbed more than 1,5600 points at the end of trading Monday. Photo by John Angelillo/UPI | License Photo

April 6 (UPI) -- U.S. stocks opened the week with substantial gains on Monday, as world oil prices fell further as a result of an ongoing dispute between OPEC and Russia.

The Dow Jones Industrial Average closed up 1,628.15 points, or 7.73 percent, while the S&P 500 fell 6.97 percent and the Nasdaq Composite dropped 7.33 percent as the market reacted to optimism that spread of the COVID-19 outbreak has slowed in the United States.

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Boeing stock rose 19.76 percent to lead the Dow's rise, while American Express rose 13.86 percent and Visa climbed 11.72 percent.

The S&P's rise was jumpstarted by the utilities sector, which rose 7.9 percent, while the materials and consumer-discretionary groups each rose more than 7.5 percent.

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The Dow finished last week with a loss of 388 points Friday.

On Monday, the Dow concluded its 28th consecutive day with an increase of at least 0.5 percent, its longest such streak since October 1931 amid the Great Depression.

Earlier Monday, oil prices fell again as Russia and Saudi Arabia negotiate reducing production to stabilize the market.

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The price of Brent crude fell below $33 per barrel while U.S. West Texas Intermediate crude dropped to about $27 after initially losing 9 percent.

Russian Direct Investment Fund CEO Kirill Dmitriev said Monday that Moscow and Saudi Arabia were "very close" to a deal to cut production.

Kremlin spokesman Dmitry Peskov said a teleconference between OPEC-Plus and Russia was postponed until Thursday for technical reasons.

Peskov also indicated that OPEC and Russia would like to get the United States to participate in the output reduction.

U.S. President Donald Trump threatened tariffs against Saudi Arabia and Russia if they don't reach a deal soon.

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