Stocks rose broadly Wednesday, enabling major stock indexes to recover nearly all the damage from Monday’s sell-off.
Oil prices continued a recent advance, making Exxon Mobil the biggest contributor to the gains by the Dow Jones industrial average and the Standard & Poor’s 500 index.
The Dow rose 90.28 points, to 12,226.73.
In addition to Exxon Mobil, Boeing, Merck and Alcoa were among the Dow winners. General Motors lost ground, as investors anticipated soft auto sales next year.
The Standard & Poor’s 500 index added 12.76, to 1399.48, boosted by major oil and telephone stocks.
Among the S&P 500 winners, luxury retailer Tiffany climbed $2.29, or more than 6 percent, to $38.22, the highest close since March. The company posted strong quarterly results and boosted its forecast for the full year.
The Nasdaq composite index rose 19.62, to 2432.23. The Russell 2000 index of small-company stocks added 9.34, to 784.16.
New York Stock Exchange trading volume reached 1.59 billion shares. Winners outnumbered losers by nearly a 4-1 ratio.
Nasdaq trading volume totaled 1.87 billion shares, as winners topped losers by a better than a 2-1 ratio.
Crude oil for January delivery rose $1.47 a barrel, to $62.46, the highest daily close in two months. Traders cited a weekly report that showed declining U.S. gas inventories and forecasts of a cold snap.
The Treasury sold $14 billion of 5-year notes at a yield of 4.51 percent, down from 4.69 percent at last month’s 5-year note auction.
Local news: Moline-based farm equipment-maker Deere boosted its quarterly divided to 44 cents a share from 39 cents, payable Feb. 1 to shareholders of record Dec. 31. The company has repurchased more than $2 billion of its stock since early 2004. Shares rose $1.76, to $96.55.
– Prudential Equity Group raised its price target for Chicago-based aircraftmaker Boeing to $99 from $94. Shares gained 95 cents, to $88.89.
– Credit Suisse boosted its price target for Chicago-based insurer CNA Financial to $42 from $37, citing the company’s better-than-expected third-quarter earnings. Shares rose 19 cents, to $38.72.
