Stocks Closed Sharply Higher

U.S. stocks Closed sharply higher on Thursday, after economic data suggested the Federal Reserve may not be as aggressive in raising interest rates as previously believed. The Dow Jones Industrial Average rose 177.71 points, or 0.99%, to 18,212.48. The S&P 500 gained 21.49 points, or 1.01%, to 2,147.26. The Nasdaq Composite added 75.92 points, or 1.47%, to 5,249.69.

Oracle Corp. came up slightly short of expectations with its quarterly earnings report Thursday. The enterprise software giant reported net income of $1.8 billion, or 43 cents a share, on sales of $8.6 billion for its fiscal first quarter.

Samsung Electronics Co. Ltd. officially recalled its Galaxy Note 7 smartphone in the U.S. on Thursday, adding to its previous replacement offer with an option to refund money for the device.

Fiat Chrysler Automobiles NV recalled 1.9 million vehicles world-wide for possible air-bag and seal-belt failures linked to at least three deaths and five injuries.

Oil rebounded after 2-session decline as gasoline futures rallied. October West Texas Intermediate crude rose 33 cents, or 0.8%, to settle at $43.91 a barrel. November Brent added 74 cents, or 1.6%, to $46.59 a barrel.