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Dow rebounds with 236 point gain, oil prices surge

Dow rebounds with 236 point gain, oil prices surge
The Dow Jones Industrial Average rebounded from losses in the previous session as a surge in oil prices helped to push stocks higher. File Photo by John Angelillo/UPI | License Photo

Sept. 15 (UPI) -- The Dow Jones Industrial Average posted gains on Wednesday coming off the heels of multiple losing sessions this month.

The blue-chip index climbed 236.82 points, or 0.68%, while the S&P 500 gained 0.85% and the Nasdaq Composite closed the day up 0.82%.

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Markets were partially driven by a rise in energy stocks as U.S. West Texas Intermediate crude oil futures rose 3% to $72.61, its highest settlement since the end of July.

The Energy Select Sector SPDR ETF and Exxon Mobil stock each rose more than 3%.

The 10-year treasury yield rose to 1.282% pushing bank stocks higher as Citigroup gained 2.44% and Morgan Stanley rose 1.16%.

Markets also responded to reports that the New York Fed's Empire Index, which measures the region's manufacturing, came in at 34.3 for September, exceeding estimates.

September is a historically down month for markets, which have reported an average decline of 0.56% in the month since 1945, according to CFRA.

The Dow is down more than 1% so far in September and the S&P 500 is on track to see its worst monthly performance since January.

On Monday, the Dow gained 264 points to snap a five-day losing streak before falling again on Tuesday.

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