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Stocks close up on economic reports and energy outlook a day after Dow's worst drop this year
Stocks are closing with solid gains a day after their biggest dive this year. Reassuring economic reports and good news for energy producers drove the bounce.
The government said Wednesday that productivity grew more slowly late last year, a trend that could lead to more hiring. Payroll processor ADP's estimate of job growth in February outpaced expectations.
Oil refiners' stocks drove major indexes higher after news that refineries are operating at a faster clip than expected.
The Dow closed up 78 points at 12,837. The S&P 500 closed up nine at 1,352. The Nasdaq closed up 25 points at 2,935.
The Dow fell 203 points on Tuesday.
About seven stocks rose for every two that fell on the New York Stock Exchange. Volume was light at 3.44 billion shares.