NEW YORK (AP) — Stocks climbed Wednesday as investors clung to hope for an international deal to stem a global glut in crude oil with production cutbacks. That sent the price of oil sharply higher. Tech stocks also rose, led by Microsoft and Facebook. The gains capped a three-day rally, the longest so far in 2016, that has wiped out about half of the market's losses since the beginning of the year.
The Dow Jones industrial average rose 257.42 points, or 1.6 percent, to 16,453.83.
The Standard & Poor's 500 index picked up 31.24 points, or 1.7 percent, to 1,926.82.
The Nasdaq composite index gained 98.11 points, or 2.2 percent, to 4,534.06.
For the week:
The Dow has jumped 479.99 points, or 3 percent.
The S&P 500 has added 62.04 points, or 3.3 percent.
The Nasdaq has surged 196.55 points, or 4.5 percent.
For the year:
The Dow is down 971.20 points, or 5.6 percent.
The S&P 500 is down 117.12 points, or 5.7 percent.
The Nasdaq is down 473.35 points, or 9.5 percent.