Stocks posted solid gains on Wall Street Wednesday, erasing their losses from a day earlier.
Technology, the only sector that’s holding on to a gain for the year, accounted for much of the market’s upward move. Communications companies and banks also helped drive the market higher.
The price of crude oil jumped 4.8%, its fifth straight gain. Small-company stocks did much better than the rest of the market, another bullish signal.
The S&P 500 index gained 48.67 points, or 1.7%, to 2,971.61.
The Dow Jones Industrial Average rose 369.04 points, or 1.5%, to 24,575.90.
The Nasdaq composite climbed 190.67 points, or 2.1%, to 9,375.78.
The Russell 2000 index of small company stocks picked up 39.21 points, or 3%, to 1,346.93.
For the week:
The S&P 500 is up 107.91 points, or 3.8%.
The Dow is up 890.48 points, or 3.8%.
The Nasdaq is up 361.22 points, or 4%
The Russell 2000 is up 89.94 points, or 7.2%.
For the year:
The S&P 500 is down 259.17 points, or 8%.
The Dow is down 3,962.54 points, or 13.9%.
The Nasdaq is up 403.17 points, or 4.5%
The Russell 2000 is down 321.54 points, or 19.3%.