Wall Street rebounds on higher energy prices
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U.S. stocks rebounded on Wednesday, with energy shares taking the lead, after oil prices settled above 100 dollars a barrel.
After gaining nearly 2 percent in the previous session, oil maintained its momentum and jumped above 100 dollar a barrel on Wednesday, giving energy stocks a strong boost. The Energy sector rose 1.08 percent, leading the broad market higher.
Meanwhile, basic materials were also among the best performers as gold, silver and copper all achieved notable gains.
Adding to the gains, the Organization for Economic Cooperation and Development (OECD) raised its outlook for U.S. economic growth, however the organization suggested the Federal Reserve to begin its rate hike in the coming months.
On the corporate front, shares of American International Group plunged more than 4 percent after the U.S. Treasury sold 300 million AIG shares, raising 8.7 billion dollars with 29 dollars each share.
At the close, the Dow Jones industrial average added 38.45 points, or 0.31 percent, to 12,394.66. The Standard & Poor's 500 was up 4.19 points, or 0.32 percent, to 1,320.47. The Nasdaq Composite Index rose 15.22 points, or 0.55 percent, to 2,761.38.
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