Stocks rose on Wednesday as the energy sector got a lift from higher oil prices, but the gains were capped with a key part of the U.S. yield curve inverting even further, exacerbating fears of an impending recession.
The Dow Jones Industrial Average traded 202 points higher, or 0.8%. The S&P 500 gained 0.6% while the Nasdaq Composite advanced 0.4%. Chevron and Exxon Mobil were among the best-performing stocks in the Dow, rising 1% each.
The S&P 500 energy sector jumped 1.4%, led by an 8% surge in Cimarex Energy, as U.S. crude prices surged more than 2%. Oil jumped after the Energy Information Administration said U.S. crude inventories plummeted by 10 million barrels last week.