Dow Jones Industrial Average Surges As Energy Stocks Lead Wall Street Rebound

U.S. stocks rebounded on Thursday as investors snapped up battered shares including those in the energy sector, while financials rose after upbeat results from JPMorgan Chase & Co. The Dow Jones industrial average 227.64 points, or 1.4 percent, while the S&P 500 gained 31.56 points, or 1.7 percent, and the Nasdaq Composite added 88.94 points, or 2 percent. Close to 10 billion shares were traded in U.S. exchanges, the most for any day in nearly a month.

The S&P energy sector shot up, and shares of Exxon Mobil and Chevron jumped.

Energy and biotechs have been among the most heavily sold shares in the market's selloff that began at the start of the year. Concern about demand for oil and a slowdown in the global economy sparked the downward move.

"We are rallying now which is somewhat encouraging," said Daniel Morgan, senior portfolio manager at Synovus Trust Company in Atlanta, adding that he doesn't see stocks headed for a bear market.

"The question is will this hold." He said upbeat earnings reports from tech and other companies could put the market on stronger footing.

After the close, Intel reported a quarterly profit that beat analysts' estimates, but its shares fell on concerns about slowing growth in its highly profitable data center business.

JPMorgan rose on better-than-expected results, boosting the financial sector.

Citigroup, Wells Fargo, Morgan Stanley and Bank of America also rose.

U.S. stocks have tumbled this year and on Wednesday sank more than 2.5 percent, pushing the S&P 500 to close below 1,900 for the first time since Sept. 29.

Also surging, Chipotle rose after the company expressed confidence in preventing future food poisoning outbreaks at its chains.