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U.S. stocks rallied, with the Dow Jones Industrial Average clawing back some of Wednesday’s selloff, as oil’s advance beyond $31 a barrel bolstered energy producers and helped stabilize global markets rattled by concerns over China and sliding commodity prices.

The Standard & Poor’s 500 Index gained the most in almost six weeks amid speculation its 6 per cent slump in 2016 was overdone. Oil and gas equities drove the rebound, surging more than 4 per cent as investors’ appetite for riskier investments received support from Federal Reserve Bank of St Louis chief James Bullard, who said the rout in energy prices may dent inflation expectations. The dollar advanced, while haven assets from Treasuries to gold and the yen retreated. Nickel and aluminum led a rally in industrial metals.

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Crude’s stabilization above the US$30 level burnished sentiment in a market battered by the worst start to a year on record for global equities and lingering anxiety over China’s ability to manage its currency and slowing economy. Bullard’s comments tempered expectations for another interest-rate hike in the U.S. and JPMorgan Chase & Co.’s earnings beat estimates, combining with technical signals that selling had gone too far to support gains in the U.S. session. Treasuries erased gains amid weaker demand at an auction of the securities, while gold’s advance faded in the latter half of the day.