NEW YORK, Aug. 19 - Wall Street rebounded on Wednesday as higher oil prices lifted energy shares.
Oil prices jumped nearly 5 percent on Wednesday as government report showed U.S. crude inventories dropped sharply.
The U.S. Energy Department's Energy Information Administration said that crude stockpiles plunged by 8.4 million barrels in the week ending Aug. 14, beating analysts' prediction for a build.
Energy shares climbed as crude futures rose 3.23 dollars to 72.42 dollars a barrel on the New York Mercantile Exchange.
Merck & Co. led gains in drugmakers after a federal judge said Teva Pharmaceutical Industries Ltd. can't make a copy of its asthma drug Singulair.
Hewlett-Packard Co., the world's largest PC maker, said its profit dropped 19 percent in the latest quarter due to ongoing weakness in sales and lower prices. But the company's outlook for the fiscal fourth quarter beat estimates.
Alcoa Inc., the largest U.S. aluminum producer, slid over 3 percent, as Goldman Sachs downgraded the company's shares to "neutral" from "buy."
The Dow Jones industrials rose 61.22, or 0.7 percent, to 9,279.16. The Standard & Poor's 500 index rose 6.79, or 0.7 percent, to 996.46, while the Nasdaq composite index rose 13.32, or 0.7 percent, to 1,969.24.
Oil prices jumped nearly 5 percent on Wednesday as government report showed U.S. crude inventories dropped sharply.
The U.S. Energy Department's Energy Information Administration said that crude stockpiles plunged by 8.4 million barrels in the week ending Aug. 14, beating analysts' prediction for a build.
Energy shares climbed as crude futures rose 3.23 dollars to 72.42 dollars a barrel on the New York Mercantile Exchange.
Merck & Co. led gains in drugmakers after a federal judge said Teva Pharmaceutical Industries Ltd. can't make a copy of its asthma drug Singulair.
Hewlett-Packard Co., the world's largest PC maker, said its profit dropped 19 percent in the latest quarter due to ongoing weakness in sales and lower prices. But the company's outlook for the fiscal fourth quarter beat estimates.
Alcoa Inc., the largest U.S. aluminum producer, slid over 3 percent, as Goldman Sachs downgraded the company's shares to "neutral" from "buy."
The Dow Jones industrials rose 61.22, or 0.7 percent, to 9,279.16. The Standard & Poor's 500 index rose 6.79, or 0.7 percent, to 996.46, while the Nasdaq composite index rose 13.32, or 0.7 percent, to 1,969.24.
