US stocks bounce back to close with major gains

​​​​​​​By Ovunc Kutlu

ISTANBUL (AA) - US stocks bounced back from losses earlier in the session and closed Wednesday with major gains.

The S&P 500 jumped 58 points, or 1.07% to finish the day at 5,554. The Nasdaq Composite soared 369 points, or 2.17%, to 17,395.

The Dow Jones industrial average rose 124 points, or 0.31%, to close at 40,861.

The VIX volatility index, referred to as the "fear index," dove 7.3% to 17.69. The 10-year US Treasury yield was up 0.36% to 3.657%.

The US dollar index increased 0.1% to 101.72, while the euro lost 0.03% against the dollar, trading at $1.1016.

Precious metals were mixed with gold losing 0.1% to $2,513 per ounce but silver adding 1.1% to $28.71.

Oil prices increased more than 2.1%, with global benchmark Brent crude at $70.64 per barrel and US benchmark West Texas Intermediate at $67.31.