Wall Street was higher in early afternoon trade Wednesday as investors hunted bargains after Tuesday’s big declines.
The Dow Jones Industrial Average added 0.85 percent to 13,152.73, while the Nasdaq Composite was 1.03 percent higher to 2,526.49 and the S&P 500 gained 0.94 percent to 1,445.83.
The oil sector was higher after the US Energy Information Administration reported that crude oil and gasoline inventories both fell more last week than had been anticipated.
ExxonMobil (NYSE: XOM) was $1.25 higher to $84.25, while ConocoPhillips (NYSE: COP) added $1.63 to $80.44 and Chevron (NYSE: CVX) gained $1.77 to $86.07.
The retail sector also saw gains after companies at both ends of the spectrum revised their outlooks in a positive direction.
Closeout and overstock retailer Big Lots (NYSE: BIG) was up $2 to $28.30, while upscale housewares, cooking utensils and food retailer Williams Sonoma (NYSE: WSM) gained $2.58 percent to $32.15.
Elsewhere among retailers, discount retailer Wal-Mart (NYSE: WMT) added 27 cents to $43.67, while home improvement retailer Home Depot (NYSE: HD) was $1.13 higher to $36.18.
Fabrics and crafts retailer Jo-Ann Stores (NYSE: JAS) was up $2.16 to $24.40.