Investing.com - Rising oil prices boosted energy stocks, and hopes yet again that a phase one trade deal will finally be struck between the United States and China lifted the rest of the stock market on Wednesday.
The S&P 500 rose 0.63%, with the Dow Jones industrials up about 0.54%. The Nasdaq Composite and the Nasdaq 100 indices were up 0.54% and 0.51%.
The rally trimmed the losses the market had sustained in the last three sessions. But the major averages remained roughly 1.5% below their record highs reached just last week.
Energy shares were the strongest sector of the market. Crude oil was the catalyst on reports OPEC and its allies may agree to deeper production cuts to boost global prices. In addition, the Energy Information Administration's weekly report on crude oil inventories showed a steeper decline than expected.
West Texas Intermediate rose 4.2% to $58.43. Brent crude, the global benchmark, had its biggest percentage gain since September, rising 3.6% to $63.
Devon Energy (NYSE:DVN), Schlumberger (NYSE:SLB) and ConocoPhillips (NYSE:COP) were among the energy sector leaders.
Meanwhile, financial, industrial and health care stocks also helped the market. Goldman Sachs (NYSE:GS) was a leader of the Dow, along with 3M (NYSE:MMM) and health insurance giant UnitedHealth Group (NYSE:UNH).
Boeing (NYSE:BA) was off about 0.9% after United Airlines Holdings (NASDAQ:UAL) chose to buy 50 Airbus 321 jets to replace its aging fleet of Boeing 757s.
Financial stocks were helped by rising interest rates. The 10-Year Treasury yield rose to 1.772% from Tuesday's 1.709%. Gold fell back.