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Stocks rally and close with modest gains

Stocks closed with modest gains Wednesday, Feb. 24,

Stocks closed with modest gains Wednesday, Feb. 24, 2016, after a gloomy morning slide. Trader Peter Tuchman watched the slide on Tuesday at the New York Stock Exchange. Credit: AP / Richard Drew

Stocks fell in early trading, with the Dow Jones industrial average down more than 190 points, CNBC reported. Sliding oil prices continued to weigh on stock prices in the U.S. and abroad.

Stocks rallied Wednesday afternoon after opening with a deep slide, led by declines in energy companies and banks as commodity prices fell, again.

Materials and energy stocks, which tend to swing widely along with commodities prices, posted the biggest gains.

At the close on Wall Street, The Dow Jones industrial average was up 53.2 points, about 0.3 percent, to 16,495. It had been down nearly 1.6 percent during morning trading. The Standard & Poor’s 500 index rose 8.5 points, about 0.4 percent, to 1,929.8. It had been down 1.5 percent in morning trading. The Nasdaq composite added 39 points, about 0.9 percent, to 4,442.6. It sank 1.7 percent during the morning.

As markets closed, benchmark U.S. crude gained 51 cents, about 1.6 percent, to $32.38 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which is used to price oils internationally, closed up $1.19, about 3.6 percent, at $34.46 a barrel in London.

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