European markets also rose on hopes the European Central Bank will do more to aid the region’s economy.
In the U.S., energy stocks climbed as oil prices bounced back from their worst day in four months, and strong earnings from Verizon lifted telecom stocks. Blue chip stocks did better than the rest of the market. The& Dow& Jones industrial average had its second-best day of 2016.
The& Dow& added 115.94 points, or 0.7 percent, to 15,882.68. The Standard & Poor’s 500 index rose 9.66 points, or 0.5 percent, to 1,868.99. The Nasdaq composite index added less than half a point and closed at 4,472.06.
Stocks were on pace for much larger gains earlier in the day. The& Dow& was up 272 points shortly after noon, which would have canceled out Wednesday’s loss.
U.S. crude rose $1.18, or 4.2 percent, to close at $29.53 a barrel in New York. On Wednesday U.S. crude took its biggest one-day loss since September. Brent crude, a benchmark for international oils, rose $1.37, or 4.9 percent, to $29.25 a barrel in London.
Energy stocks have crumbled as the price of oil fell from $100 a barrel in mid-2014. The price of oil is the lowest it’s been since 2003.
Natural gas company Southwestern Energy jumped after saying it will eliminate around 1,100 jobs, or 44 percent of its work force, in the next few months. Its shares added $1.42, or 19.2 percent, to $8.80. Coal and natural gas company Consol Energy surged 97 cents, or 19.1 percent, to $6.04. Pipeline company Kinder Morgan rose $1.87, or 15.6 percent, to $13.88.
Consol and Southwestern were the second- and third-worst performing S&P 500 stocks in 2015.
European Central Bank head Mario Draghi said the ECB will consider using more stimulus measures at its next meeting in March as it tries to bolster the European economy. European stock indexes also rose. Britain’s FTSE 100 increased 1.8 percent, Germany’s DAX climbed 1.9 percent and France’s CAC gained 2 percent.
Telecom stocks rose after Verizon, the largest U.S. cellphone carrier, said it turned a profit in the fourth quarter and held on to more customers. Its shares gained $1.45, or 3.3 percent, to $45.87. AT&T shares added 64 cents, or 1.9 percent, to $34.54.
Consumer stocks also gained ground. Wal-Mart rose $1.04, or 1.7 percent, to $61.88. It’s the only& Dow& component that has risen this year, though it’s up only 1 percent. Department store operator Nordstrom picked up $1.64, or 3.6 percent, to $47.74 and Home Depot gained $3.76, or 3.2 percent, to $120.22.
Tokyo’s Nikkei 225 lost 2.4 percent, Hong Kong’s Hang Seng fell 1.8 percent and China’s Shanghai Composite sank 3.2 percent.
The price of heating oil climbed 3.2 cents, or 3.7 percent, to 89.8 cents gallon as a winter storm bore down on the East Coast. Wholesale gasoline rose 1.4 cents to $1.031 a gallon. Natural gas picked up 2 cents to $2.138 per 1,000 cubic feet.
The price of gold fell $8 to $1,098.20 an ounce and silver declined 6.6 cents to $14.094 an ounce. Copper rose 3.7 cents, or 1.9 percent, to $1.997 a pound.
The dollar rose to 117.50 yen from 116.78 yen. The yield on the 10-year Treasury note rose to 2.03 percent from 1.98 percent.