(Image by Gerald Wintersperger from Pixabay)
(CNBC) -- Stocks rebounded sharply on on Wednesday despite a continued surge in oil prices surged amid the intensifying conflict between Russia and Ukraine.
The Dow Jones Industrial Average gained 648 points, or nearly 2%. The S&P 500 added 2.1%, while the tech-heavy Nasdaq Composite rose 1.9%. The gains effectively reversed losses from Tuesday’s session.
It was a broad rally, with nearly all 30 stocks in the Dow moving higher. Shares of Caterpillar rose more than 5%, while Intel rose 4.4% and Goldman Sachs climbed 2.8%.
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