The stock market is closing broadly higher, led by gains in oil and gas companies as the price of crude turned higher. The gains Thursday came a day after the market had its worst drop since September. The Dow Jones industrial average rose 227 points, or 1.4%, to 16,379. The Standard & Poor's 500 index gained 31 points, or 1.7%, to 1,921. The Nasdaq composite added 88 points, or 2%, to 4,615.
Chevron and Exxon Mobil each jumped 5%, by far the biggest gains in the Dow. It was a reprieve for the energy sector, which has been battered in recent months as crude oil prices plunged. JPMorgan Chase rose 2% after the bank reported earnings that beat forecasts. (Read more Dow Jones stories.)