Oil fuels ‘schizophrenic’ rebound on Wall Street

Laser-focused on Tuesday’s rebound in crude prices, Wall Street shrugged off a 6 percent slump overnight in Chinese shares, sparked by jitters over Beijing’s ability to calm domestic markets.

That left the gap between U.S. and Chinese stock indexes at its widest since at least August.

The Dow Jones industrial average .DJI ended 1.78 percent higher at 16,167.23 points and the S&P 500 .SPX gained 1.41 percent to 1,903.63.

The Nasdaq Composite .IXIC added 1.09 percent to 4,567.67.

While the U.S. Federal Reserve is not expected to move on interest rates at its two-day meeting, which began on Tuesday, investors will parse the Fed’s commentary to gauge how recent global turmoil affects the likelihood of future rate hikes. Read more