U.S. stocks rose on Wednesday, snapping a five-day sell-off as a jump in the price of oil and other commodities spurred energy and natural resource stocks.
Investor optimism was also buoyed by news out of China suggesting the world's third-largest economy may be on the brink of a recovery.
A day after Wall Street sank to 12-year lows, investors welcomed news that China will increase spending in areas such as infrastructure and manufacturing under a second stimulus package. But a slide in General Electric
This was started by the idea that there would be a second Chinese stimulus announced tomorrow, said Kevin Kruszenski, head of listed trading of KeyBanc Capital Markets in Cleveland.
The Dow Jones industrial average rose 135.16 points, or 2.01 percent, to 6,861.18. The Standard & Poor's 500 Index added 15.66 points, or 2.25 percent, to 711.99. The Nasdaq Composite Index climbed 33.67 points, or 2.55 percent, to 1,354.68.
Oil prices in New York rose 7.6 percent to $44.82 a barrel, lifting shares of Exxon Mobil
Shares of Caterpillar Inc
But a sharp slide in the shares of General Electric
On Nasdaq, Apple
(Additional reporting by Deepa Seetharaman; Editing by James Dalgleish)