NEW YORK — The oil rally is on again.
Stocks closed higher Wednesday for the first day this week as rising oil prices offset worries about the global economic recovery. Oil rose nearly $2 to settle at $101.32 per barrel, pushing energy stocks higher.
Cabot Oil and Gas led the S&P 500, rising 7 percent. Higher prices for copper, silver and other commodities lifted miners and other material companies. Freeport-McMoRan Copper & Gold gained 2 percent.
The Dow Jones industrial average rose 38.45 points, or 0.3 percent, to close at 12,394.66. The Standard & Poor's 500 index rose 4.19, or 0.3 percent, to 1,320.47. The Nasdaq composite rose 15.22, or 0.6 percent, to 2,761.38.
Markets have been battered in recent days by new worries over Europe's debt crisis.
A default by troubled Greece could raise borrowing rates for larger European countries and hamper the world economy.