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U.S. stocks traded more than 1% higher Wednesday, helped by gains in oil prices, as global markets continued to recover from their post-Brexit plunge.
The Dow Jones Industrials soared 284.96 points, or 1.6%, to 17,694.68, with American Express leading advancers and Home Depot the only decliner.
The S&P 500 climbed 34.68 points, or 1.7%, at 2,070.77. Energy and health-care led all S&P 500 advancers as all sectors rose in afternoon trade
Both the Dow and S&P swung back into positive territory for 2016 in morning trade as the major averages recovered about half of their losses from the post Brexit selloff.
The NASDAQ Composite Index jumped 87.38 points, or 1.9%, to 4,779.25.
In U.S. economic news, pending home sales fell a more-than-expected 3.7% in May from the prior month, for a 0.2% year-over-year decline and the first annual drop in two years.
Consumer spending rose 0.4% in May. Personal income increased 0.2%
The Fed's preferred inflation measure of personal consumption expenditures price ex-food and energy rose 0.2% last month, or 1.6% over the 12 months through May.
U.S. crude oil futures extended gains to trade more than 2.5% higher after weekly crude inventories from the Energy Information Administration showed a greater-than-expected drawdown of 4.05 million barrels. Late Tuesday, the American Petroleum Institute reported a greater-than-expected drawdown of 3.9 million barrels.
Gains in oil were also supported by expectations of near-term supply shortages. In Norway, oil workers threatened to strike, while in Venezuela oil producers and refiners struggled with power outages and equipment shortages.
Prices for the 10-year Treasury were sharply lower, raising yields to 1.51% from Tuesday’s 1.46%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.58 a barrel to $49.43 U.S.
Gold prices gained $5.80 to $1,323.70 U.S. an ounce.
