A look at highlights from the day's business news:
Bank stocks ignite big rally
Stocks surged Wednesday, with the Dow jumping as much as 283 points, as investors came back after the recent bloodletting, spurred on by State Street's improved earnings forecast.
A stronger euro helped propel commodity shares, cooling some worries about the European debt crisis.
The Dow Jones industrial average gained 275 points, or 2.8 percent, its biggest one-day point and percentage gain since June 10.
The S&P 500 gained 32 points, or 3.1 percent for its biggest one-day point and percentage gain since May 27. The Nasdaq composite gained 65 points, or 3.1 percent, its biggest one-day point and percentage gain since May 10.
Oil rebounds 3 percent
Oil rebounded Wednesday from the one-month low hit during the previous session, soaring nearly 3 percent and breaking a six-session losing streak.
Crude oil futures for August delivery rose $2.09, or 2.9 percent, to settle at $74.07 a barrel.
The national average price for a gallon of regular unleaded gas decreased to $2.721, down 0.3 cent from the previous day's price, according to motorist
Crude oil recovered from its lowest level since early June and ended higher for the first time in seven sessions. The advance was supported by a weaker dollar, which fell against the euro and the pound. Crude oil, like other commodities, is priced in dollars, and a weaker greenback boosts prices.
Dollar rebounds on uncertain economic outlook
Investors sought the safety of the dollar Wednesday as worries about European
banks and the U.S. economy dragged global markets lower.
The dollar climbed 0.3 percent versus the euro to $1.2586 and rose 0.1 percent against the British pound to $1.5126.
Against the Japanese yen, the greenback was down 0.3 percent to Â¥87.25.
and U.S. stocks ended the day higher after seesawing throughout the session.
U.S. stock futures pointed to a shaky start Wednesday as global markets declined, increasing the appeal of the dollar as a safe haven.
Treasurys soften as stocks advance
Treasury prices fell Wednesday as investors flocked to more risky assets in the stock market.
The 10-year note was down 13/32 to 104-12/32 with a yield of 2.98 percent, up from 2.94 percent late Tuesday. Bond prices and yields move in opposite directions.
The two-year note eased 1/32 to 100 and a yield of 0.63 percent, while the five-year note lost 3/32 to 100-14/32 and yielded 1.78 percent.
The 30-year bond fell 1-7/32 to 107-8/32 and its yield was 3.95 percent.
With no major economic reports to set the tone, investors appeared to focus on stocks, which rallied amid optimism about corporate profits, particularly in the
banking sector. In addition, a stronger euro helped ease some concerns about the debt crisis in Europe and boosted commodity prices.
CNNMoney.com reporters Alexandra Twin, Hibah Yousuf, Blake Ellis and Ben Rooney contributed to this report.