Stocks Ended Sharply Higher, Oil Futures Retreated

U.S. stocks ended sharply higher on Wednesday, as the industrial and financial sectors led the way. The Dow Jones Industrial Average rose 553.16 points, or 2.21%, to 25,548.27. The S&P 500 added 44.36 points, or 1.48%, to 3,036.13. The Nasdaq Composite gained 72.14 points, or 0.77%, to 9,412.36.

Oil futures retreated Wednesday, with benchmark U.S. prices ending down by more than 4%, pressured by news reports that said Russia was in favor of easing up on supply cuts as planned in July. West Texas Intermediate crude for July delivery fell $1.54, or 4.5%, to settle at $32.81 a barrel. July Brent crude lost $1.43, or nearly 4%, at $34.74 a barrel.