Stocks turn up as oil prices rise

NEW YORK - The stock market turned higher Wednesday as the price of oil steadied near six-year lows and a report showed that U.S. businesses hired more workers. European markets climbed after weak inflation figures for the region raised speculation of further help from the European Central Bank.

All three major U.S. indexes climbed 1 percent or more. The Standard & Poor's 500 index rose 23 points to 2,026. The index, the most widely used benchmark for investments, recorded its first gain after five straight losses. The Dow Jones industrial average added 213 points to 17,585, and the Nasdaq composite climbed 58 points to 4,650.

U.S. businesses increased hiring last month in the latest sign that the U.S. economy is on steady footing. The payroll processor ADP reported that companies added 241,000 workers in December, up from 227,000 in November.

"It's a bit of a bounce," said Jeff Kravetz, regional investment director at U.S. Bank Wealth Management. "Some of it is from the ADP report, but it's also a matter of the market getting oversold over the last few days."

Despite turbulent trading over recent weeks, Kravetz expects 2015 to be another solid year for the stock market.

"We're telling our clients not to get caught up in this short-term volatility. Look at the fundamentals: the job market, corporate balance sheets, economic growth. They're very good."

Markets didn't react much to the release of minutes from the Federal Reserve's December policy meeting. Fed officials discussed various risks to the economy, but concluded that the recent big drop in oil prices was likely to end up boosting growth.

The price of oil stabilized near a six-year low. U.S. crude oil rose 72 cents to close at $48.65 a barrel on the New York Mercantile Exchange.

Crude has fallen by more than half since June as supplies rose. Lower energy costs are a boon to consumers and businesses, but some see the plunge as a worrying sign of weakness in the global economy.

U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.96 percent from 1.94 percent the day before.

Precious and industrial metals prices edged lower. Gold fell $8.70 to $1,210.70 an ounce, silver declined nine cents to $15.54 an ounce and copper fell less than a penny to $2.76 a pound.