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Stocks around the world also fell earlier in the day, taking their cue from oil's movements.
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Stocks sank Friday, with the Dow Jones briefly falling more than 1,000 points, as a new coronavirus variant first detected in South Africa appeared to be spreading across the globe.
The Dow rose more than 400 points to trade just over 30,000 late Tuesday morning.
Tesla shares jumped nearly 11% in after-hours trading and have gained about 388% so far this year.
The S&P 500 is closing at a record high for the first time since September, posting its second weekly gain in a row.
Asian stock markets are mixed amid investor concern about the status of U.S. stimulus spending and a trade agreement with Beijing.
Stocks are closing lower on Wall Street as more signs emerge of the economic damage being caused by the coronavirus outbreak.
Global stock markets are lower after soaring U.S. job losses tempered enthusiasm over a possible deal to stabilize oil prices amid anxiety over the global slump caused by the coronavirus pandemic.
Stocks surged again on Wall Street as a massive coronavirus relief bill moved closer to passing Congress.
Stocks are falling sharply again Friday, and bond yields have sunk to more record lows on worries about the economic damage from the coronavirus outbreak.