Stocks Ended Sharply Higher on Signs of a Rebounding Economy

U.S. stocks closed sharply higher on Wednesday, as investors focused on signs of a rebounding global economy. The Dow Jones Industrial Average jumped 527.24 points, or 2.05%, to 26,269.89. The S&P 500 gained 42.05 points, or 1.36%, to 3,122.87. The Nasdaq Composite advanced 74.54 points, or 0.78%, to 9,682.91.

Oil futures Wednesday closed higher, extending a move around the highest level since early March. West Texas Intermediate crude for July delivery tacked on 48 cents, or 1.3%, to settle at $37.29 a barrel. Brent saw its August contract rise 22 cents, or 0.6%, to end at $39.79 a barrel.

The Institute for Supply Management said its main reading of the service sector’s health came in at 45.4 in May, above the consensus forecast of 44.7.