The Dow Jones Industrial Average jumped 61.22, or 0.66%, to 9279.16, and the S&P 500 rose 6.79, or 0.69%, to 996.46. The Nasdaq added 13.32, or 0.68%, to 1962.24.
Joe Terranova said on CNBC's "Fast Money" TV show that a surprising element of the oil story was that integrated names like Exxon Mobil(XOP Quote) and Chevron(CVX Quote) participated in the rally for the first time in the last couple of weeks.
Tim Seymour said this is a "great stockpicker's market -- a great long, short market." He said a lot of hedge funds love this environment because "we are going to trade sideways probably in a reasonably tight volatile band."
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