Exxon Mobil Corp. and Chevron Corp., the biggest U.S. oil companies, were among the largest contributors to the advance as crude jumped 7.2 percent to trade above $50 a barrel for a third day. General Motors Corp., which will make its case for federal bailout funds after tomorrow’s Thanksgiving holiday, rallied 35 percent. The market overcame an early tumble spurred by government reports depicting a deepening recession.
The S&P 500 climbed 3.5 percent to 887.68 after falling as much as 1.9 percent. The index has now surged 18 percent since dropping to an 11-year low on Nov. 20. The Dow Jones Industrial Average increased 247.14 points, or 2.9 percent, to 8,726.61.
Most European stocks fell, led by consumer-goods companies and utilities, as concern that the U.S. recession is deepening overshadowed China's biggest interest- rate cut in 11 years.
National benchmark indexes declined in 12 of the 18 markets in western Europe. The FTSE 100 lost 0.4 percent. France's CAC 40 sank 1.2 percent, while Germany's DAX was little changed.