Dow Jones gains more than 400 points on Thursday

The Dow Jones Industrial Average on Thursday closed up by 469.93 points, while the S&P 500 gained 2.3 percent and the Nasdaq increased by 1.7 percent. 

President Trump indicated near midday that Russia and Saudi Arabia will cut oil production, helping the markets maintain early gains, despite a terrible U.S. unemployment report before the opening bell. 

The Labor Department reported more than 6 million first-time jobless claims for the week ending March 28.

Businesses have been hit hard by the coronavirus crisis as voluntary and government-ordered restrictions and closures leave cripple the nation's economy and leave many workers unemployed.

The Dow on Wednesday kicked off the second quarter by dropping nearly 1,000 points. The index on Tuesday dropped more than 400-points, concluding its worst first quarter in history. The index fell more than 23 percent during the first quarter.