2018.05.3022:32:00UTC+00Wall Street Gains as Banks, Energy Shares Rebound

U.S. stocks bounced back on Wednesday as financial stocks rebounded from sharp losses in the previous session and italian credit fears eased.

The Dow Jones industrial average rose 306.33 points — or 1.26 percent — to close at 24,667.78. Boeing, Chevron and Home Depot led the blue-chip stocks higher.

The S&P 500 added 1.27 percent to finish at 2,724.01 as a rise in U.S. interest rates ushered financial stocks higher and a rise in oil prices provided relief to a recently battered energy sector.

The Nasdaq composite rose nearly 0.9 percent amid gains in Facebook, Intel and Nvidia. Microsoft closed at an all-time high at $98.95 per share, north of its initial public offering price back in 1986.

In the previous session, the Dow Jones industrial average fell 391.64 points — or 1.58 percent — after Italy's president over the weekend appointed former International Monetary Fund official Carlo Cottarelli as interim prime minister to help restore political order amid a swell in populist sentiment.

The Energy Select Sector SPDR exchange-traded fund rose 3 percent, its best day since April 10.

On Wall Street, shares of DSW Inc. fell 5.6 percent, pulling back from the previous session's 2-year closing high, after the discount shoe and accessories retailer reported better-than-expected fiscal first-quarter earnings and revenue, while keeping its outlook unchanged.

HP Inc.'s stock gained four percent after the maker of computers and printers posted a revenue beat late Tuesday, but earnings just matched forecasts.