U.S. stocks post solid gain on rising oil prices
NEW YORK - Stocks posted a solid gain as beaten-up energy companies and banks rebounded somewhat on the strength of higher oil prices.
The price of crude oil and the stock market have been closely correlated in recent weeks. Investors have been concerned that weaker energy prices are a signs of sluggishness in the global economy.
When oil prices turned higher in the afternoon Thursday, the broad U.S. market quickly followed.
The Dow Jones industrial average rose 212 points, or 1.3 percent, to close at 16,697.
The Standard & Poor's 500 index rose 21 points to close at 1,951. The Nasdaq composite rose 39 points, or 0.9 percent, to close at 4,582.
Bond prices rose. The yield on the 10-year Treasury note fell to 1.71 percent.