US stocks rallied for a second consecutive session on 29 June as post-Brexit concerns begin to wane and crude oil prices started to rise. The Dow Jones saw triple digit gains to recover more than half of its Brexit losses.
The Dow Jones Industrial Average advanced 284.96 points, or 1.6%, to settle at 17,694.68. A 3.8% jump in Nike Inc stocks and 3.5% rise in American Express Co shares led all but one of the blue-chip gauge's components higher, MaketWatch reported. Home Depot Inc, meanwhile, dropped 0.13%.
The S&P 500 surged 34.68 points, or 1.7%, to end at 2,070.77, with all 10 of its main sectors closing in positive territory. Financials led gains after rising 2.3%, followed by energy with its 2% surge.
The S&P held above its 200-day moving average. Both the Dow and S&P have bounced back into positive territory for the year. All three major averages were on pace for weekly gains of over 1.5%, according to CNBC.
US crude oil futures traded up $2.03 (£1.51; €1.83), or 4.24%, at $49.88 (£37.12; €44.85) a barrel. Oil prices soared following a US Energy Information Administration report revealing a sharp decline in domestic crude supplies.
MarketWatch reported oil inventories have been dropping for months, but the US has not seen a corresponding increase in active oil rigs, which is beneficial for oil prices. "We could see supplies continue to draw down and oil remain relatively high compared with its recent price," Paul Nolte, portfolio manager at Kingsview Asset Management, said.
Meanwhile, the Nasdaq Composite rose 87.38 points, or 1.9%, to close at 4,779.25. A 2.2% gain in Microsoft pulled the tech-heavy index higher. According to CNBC, the iShares Nasdaq Biotechnology ETF (IBB) closed up more than 2%.
Overseas, European markets continued to rise for a second-straight session, as did Asian stocks. In Europe, the STOXX Europe 600 surged 3% and the German DAX rose more than 1.5%. In Asia, the Shanghai Composite rose around two-thirds of a percent and the Nikkei 225 jumped more than 1.5%.
"It will take a long time for Britain's relationship with the EU to be resolved, but it will take a short time for people to realise this is primarily Britain's problem," David Kelly, chief global strategist at JPMorgan Funds, told CNBC.
The CBOE Volatility Index (VIX) continued to drop to trade below 17.
The US dollar index was down half a percent, with the euro by $1.111 and the yen near 102.9 yen against the greenback. Pound sterling continued to rally to close to $1.344. Treasury yields held higher, with the 2-year yield by 0.63% and the 10-year yield by 1.51%. Gold futures for August delivery rose $9.00 (£6.70; €8.09), or 0.7%, at $1,326.90 (£987.50; €1,192.99) an ounce.
In economic news, consumer spending rose 0.4% in May, while personal income increased 0.2%. According to MarketWatch, core prices rose at an annualized rate of 1.6% in May.