Stocks Rally As Italy Fears Fizzle -- U.S. Commentary

(RTTNews) - Stocks rallied Wednesday, trimming significant losses from the previous session thanks to bargain hunting.

With traders betting that the effects of political turmoil in Italy on the euro zone are managable, markets found their footing today.

Rebounding crude oil prices also helped, as gains were recorded across the energy sector.

The Dow Jones Industrial Index rose 1.3%, the S&P 500 added 1.3% and the Nasdaq Composite picked up 0.9%.

On the U.S. economic front, payroll processor ADP released a report showing private sector employment increased by slightly less than expected in the month of May.

ADP said private sector employment climbed by 178,000 jobs in May after rising by a downwardly revised 163,000 jobs in April.

Economists had expected employment to increase by 190,000 jobs compared to the jump of 204,000 jobs originally reported for the previous month.

The Federal Reserve said today that U.S. economic activity expanded moderately in late April and early May with few shifts in the pattern of growth.

Crude oil futures surged Wednesday after a report suggesting OPEC will keep its supply quota plan at least through year's end.

July WTI oil settled at $68.21/bbl, up $1.48, or 2.2%, moving back toward a 4-year high from earlier in May.

Exxon shares rose the most in more than year. Tesla gained 3 percent after Consumer Reports gave a positive Model 3 update.