After bad day, stocks rebound
Energy stocks led a broad rally in U.S. stocks Thursday, giving the market its biggest gain in over a month.
A recovery in crude oil prices helped put stocks into rebound mode a day after the market had its worst drop since September. Investors also welcomed some encouraging company earnings.
Chevron and Exxon Mobil each jumped about 5 percent, by far the biggest gains in the Dow Jones industrial average. It was a reprieve for the energy sector, which has been battered in recent months as crude oil prices plunged. U.S. crude oil rose 2.4 percent on Thursday.
“That all led to a little bit of confidence in the markets and some buyers coming in,” said Sean Lynch, co-head of global equity for Wells Fargo Investment Institute. “It’s been pretty ugly so far, year-to-date, and it’s good to see the gains, but we’ll see if they follow through (Today.)”