By Wayne Parry
Stocks are closing higher for the first day this week, as rising oil prices offset worries about the global economic recovery.
Oil rose nearly $2 to settle at $101.32 per barrel, helping to push energy stocks higher.
Cabot Oil and Gas Corp. led the S&P 500, rising 7 percent. Higher prices for other commodities including copper and silver lifted miners and other material companies. Freeport-McMoRan Copper & Gold Inc. gained 2 percent.
The Dow Jones industrial average rose 38 points, or 0.3 percent, to close at 12,395 Wednesday. The S&P 500 index rose 4, or 0.3 percent, to 1,320. The Nasdaq composite rose 15, or 0.6 percent, to 2,761.
Roughly two shares rose for every one that fell on the New York Stock Exchange. Trading volume was 3.7 billion shares.
AP