Market bottom forming and the bad news priced in: Icon Advisors founder

Craig Callahan, Icon Advisors, founder and president on markets

Stocks rose in volatile trading Thursday as oil prices jumped on expectations Saudi Arabia and Russia will ease the pressure off the oil market.

The Dow Jones Industrial Average traded 80 points higher, or 0.4%. The S&P 500 was up by 0.6% while the Nasdaq Composite climbed 0.3%. The major averages cut most of their gains in early afternoon trading. At its session high, the Dow was up more than 500 points.

WTI crude surged 24% to trade back above $25 a barrel on Thursday after President Donald Trump told CNBC’s Joe Kernen he spoke with Russian President Vladimir Putin and Saudi Crown Prince Mohammad Bin Salman, adding he expects both countries to cut production by about 10 million barrels.

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