Carl Icahn Takes Stake in Freeport-McMoran

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Carl Icahn takes stake in Freeport-McMoran

Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets, oil prices and Carl Icahn’s new stake in Freeport-McMoran.

It was another big rally day for the markets as the Dow jumped nearly 370 points for its biggest two-day point gain ever. The major index is up 988.33 points between Wednesday and Thursday.

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The S&P 500 jumped 47 points Thursday while the Nasdaq saw gains of 115 points. All three major indices managed to move back into positive territory for the week and are out of correction territory. As we head into the final day of trading this week, will the rally last or will investors sell off ahead of the weekend?

Also getting fueled up by the rally; oil! The commodity jumped 10.26% Thursday to settle at $42.56 per barrel. This is oil's largest gain in more than six years and the first settle above $40 this week. This comes as prices at the pump fall and in some cases, below $2 per gallon.

Late breaking news after the bell - billionaire activist Carl Icahn took an 8.4% stake in metal miner Freeport-McMoRan Inc. that juiced FCX in the after hours session, up at one point nearly 17%.

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