Roundup: U.S. stocks rally on oil recovery

U.S. stocks ended higher Wednesday after wavering in a tight range, as investor sentiment was buoyed by a solid rebound in oil prices.

The Dow Jones Industrial Average rose 36.26 points, or 0.21 percent, to 17,000.36. The S&P 500 added 10.00 points, or 0.51 percent, to 1,989.26. The Nasdaq Composite Index inched up 25.55 points, or 0.55 percent, to 4,674.38.

Oil prices surged Wednesday, with Brent crude jumping above 40 U.S. dollars a barrel, after government data showed a build-up in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories.

Meanwhile, investors were also encouraged by hopes of an agreement to freeze output. According to media reports, producers in and outside the Organization of the Petroleum Exporting Countries plan to meet in Moscow on March 20 to discuss an output freeze.

The West Texas Intermediate for April delivery moved up 1.79 U.S. dollars to settle at 38.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery increased 1.42 dollars to close at 41.07 dollars a barrel on the London ICE Futures Exchange.

Overseas, the European Central Bank's (ECB) monetary policy meeting was also in focus, which was scheduled to be held on Thursday.

Markets largely expected the ECB to ease its policy, though some investors are concerned that a stimulus expansion could fall short of expectations.

European equities increased broadly Wednesday ahead of the ECB policy meeting. German benchmark DAX index at Frankfurt Stock Exchange rose 0.31 percent, while British benchmark FTSE 100 Index added 0.34 percent.

In Asia, Chinese shares plunged on Wednesday, ending a six-day winning streak, with the benchmark Shanghai Composite Index down more than 3 percent at one point. At the close, the Shanghai Composite Index dived 1.34 percent to close at 2,862.56 points.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, fell 1.77 percent to end at 18.34 Wednesday.

In other markets, the U.S. dollar decreased against the euro on Wednesday before the ECB's Thursday meeting.

In late New York trading, the euro rose to 1.1010 dollars from 1.1007 dollars in the previous session, while the dollar bought 113.33 Japanese yen, higher than 112.57 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange fell Wednesday on modest U.S. equities gain despite the U.S. dollar fell.

The most active gold contract for April delivery lost 5.5 U.S. dollars, or 0.44 percent, to settle at 1,257.40 dollars per ounce. Enditem