Stocks Closed Sharply Higher in Rebound

U.S. stocks closed sharply higher on Wednesday, rebounded from a two-day rout, as investors eyed calmer global markets, domestic data, and oil prices. The Dow Jones Industrial Average jumped 293.03 points, or 1.82%, to 16,351.38. The S&P 500 gained 35.01 points, or 1.83%, to 1,948.86. The Nasdaq Composite was up 113.87 points, or 2.46%, to 4,749.98

In a report that could help the Federal Reserve decide whether to raise interest rates this month, the central bank said Wednesday the U.S. economy grew a bit more slowly from early July to mid August as consumer spending accelerated but a strong dollar and low oil prices continued to weigh on activity.

Oil prices ended nearly 2 percent higher on Wednesday. Brent October crude (LCOc1) rose 94 cents to settle at $50.50 (33 pounds) a barrel, having recovered from a $47.74 low. It reached $51 post- settlement.

Planet Fitness Inc. (PLNT) beat second-quarter earnings expectations in its first report as a public company. The company reported net income of $11.5 million, above $8.8 million in the year-earlier period.