(CNBC) — Stocks posted sharp gains on Wednesday as recently surging commodity prices, especially oil, cooled off while the war in Ukraine continues.
The Dow Jones Industrial Average rose about 700 points, or about 2.2%, helped by gains in Salesforce, Nike and JPMorgan. The S&P 500 climbed about 2.8%, on pace for its best day since June 2020. The technology-focused Nasdaq Composite gained roughly 3.7%, on pace for its best day since November 2020, boosted by strong gains in mega-cap technology darlings.
Oil prices took a sharp leg lower in afternoon trading, giving stocks an extra boost. WTI crude oil tumbled more than 12%, or $15, to settle at $108.7 per barrel, registering its worst day since Nov. 26. Meanwhile, Brent crude oil, the international benchmark, fell a similar 13%, or $16.8 to $111.1, for its biggest one-day drop since April 2020.
