(CNBC) — U.S. stocks closed well off session lows Wednesday, the first trading day of June, helped by an intraday recovery in oil prices and better-than-expected manufacturing data.
U.S. crude oil futures settled down 9 cents, or 0.18 percent, at $49.01 a barrel after earlier falling below $48 a barrel. Reuters reported Wednesday that four OPEC sources said the organization will consider setting a new oil output ceiling at its meeting scheduled for Thursday.
"The ISM number that came out earlier seemed to give a sight of relief to the market. However, the recovery seems to be focused on the defensive sectors," said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve.
Advertisement - story continues below