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Dow gains more than 450 points, reversing some of this week's losses

The Dow had previously plummeted on Monday and Tuesday

Outside the New York Stock Exchange on April 20, 2020
Outside the New York Stock Exchange on April 20, 2020
(Spencer Platt/Getty Images)
Updated: April 22, 2020 - 5:00pm

The Dow Jones Industrial Average on Wednesday gained 456.94 points, reversing some of the losses during a two-day losing streak on Monday and Tuesday. The Dow lost more than 1,000 points in the first two days of trading this week, as oil prices on the global market at one point cost less than $0.00.

The S&P 500 and Nasdaq on Wednesday also gained 2.3 percent and 2.8 percent respectively.

The West Texas Intermediate June oil contract rose on Wednesday. The May oil contract, which expired on Tuesday, sank into negative territory on Monday before rising into positive territory again on Tuesday. 

Oil consumption has dropped dramatically amid the coronavirus crisis creating a glut in the market.

President Trump on Tuesday said that he directed Treasury Secretary Steve Mnuchin to create a plan to help the oil and gas industry.

Unemployment numbers have risen sharply amid the pandemic, with about 22 million people filing initial unemployment claims during the past four weeks. New unemployment data will be releasedThursday. 

The Senate on Tuesday passed a coronavirus relief package that providing additional funding for the depleted Paycheck Protection Program to buoy businesses amid the coronavirus crisis. The legislation also provided funds for hospitals and for coronavirus testing. The House is expected to pass the package this week. The House is expected to vote Thursday on the measure.

Some companies' reported earnings have beaten expectations, CNBC noted.