U.S. stocks stage a late turnaround, led by the energy sector

NEW YORK (AP) — Stocks closed mostly higher after a surge in the price of crude oil gave a respite to the beaten-down energy sector.

U.S. crude jumped 8 percent Wednesday, continuing a wild ride that sent prices plunging over the previous two days.

Many of the top gainers in the market were energy companies. Murphy Oil surged 10 percent and Hess jumped 9 percent.

Yahoo plunged 5 percent a day after announcing cutbacks and plans to sell businesses.

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The Dow Jones industrial average rose 183 points, or 1.1 percent, to 16,336.

The Standard & Poor’s 500 index gained nine points, or 0.5 percent, to 1,912. The Nasdaq composite dropped 12 points, or 0.3 percent, to 4,504.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.88 percent.