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U.S. stocks traded sharply higher on Monday after the U.S. and China reached a deal to slash tariffs on each other for 90 days.
The Dow Jones Industrial Average went up 1,160.72 points or 2.8%, ending at 42,410.10.
The S&P 500 gained 184.28 points or 3.3% to finish at 58,444.19
The Nasdaq Composite rose 779.43 points or 4.4% to close at 18,708.34 for its fourth straight daily gain, exiting bear-market territory. Highlights:
(Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating to their lowest since January, energy services firm Baker Hughes said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by six to 578 in the week to May 9, putting the total rig count down 25, or 4%, below this time last year.
Baker Hughes said oil rigs fell by five to 474 this week, their lowest since January, while gas rigs were unchanged at 101.
Drillers cut three rigs in the Gulf of Mexico, bringing the total count down to nine, the lowest since September 2021.
In the Permian Basin in West Texas and eastern New Mexico, the nation's biggest oil-producing shale basin, drillers cut two rigs, leaving 285 rigs, the lowest since December 2021.
In New Mexico, drillers cut four rigs, bringing the total down to 96, the lowest since April 2022.
Oil and gas drilling permit applications in Texas, the top U.S. oil-producing state, hit a four-year low in April amid concerns that rising OPEC+ supplies and a trade war will continue to hit crude prices, consultancy Enverus said on Thursday.
According to Enverus, operators in Texas submitted 570 new drilling permit applications in April, down from 795 in March and the lowest number since February 2021.
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