Concerns about a slowing economy and rising inflation pushed oil prices down sharply for a second day on Wednesday, an unusual dip in the oil price rally that began more than six years ago.

The two-day decline totaled more than $10.50 a barrel, but analysts cautioned that it was still unclear how far prices would fall and that the respite may be temporary.

The drop in oil price contributed to a jump on Wall Street, with most major markets rising more than 2.5 percent. Investors were also buoyed by news that Wells Fargo planned to increase its dividend, easing some concerns about the stability of banks.

The drop in oil was also caused by new evidence that Americans were driving less because of gas prices, which hit a record of $4.11 a gallon, according to a nationwide survey by the motorist group AAA.