Updated from 11:04 a.m. EDTU.S. stocks were jumping higher Thursday after a broad, deep selloff Wednesday, as beaten-down energy stocks rebounded to provide leadership in the rally. The Dow Jones Industrial Average was gaining 187 points to 8706, and the S&P 500 added 13 points to 910. The Nasdaq was adding 10 points to 1626. Integrated oil firms Chevron ( CVX) and ExxonMobil ( XOM) led the Dow higher with gains of more than 5%. The Energy Select SPDR ( XLE), which tracks energy stocks, was lately up 4.5%. Crude oil futures were gaining $1.73 to $68.48 a barrel. "Right now it looks like we're seeing a bit of a reaction to yesterday's selloff," said Darin Newsom, senior commodities analyst at DTN. He said that the move higher for oil futures and energy stocks may be short-covering ahead of an OPEC meeting on Friday, during which the cartel is expected to cut production. However, the larger issue is demand, said Newsom. "There's something like 20 countries listed in a recessionary category at this time. ... It's going to take more to turn the oil industry, oil futures, oil stocks around in the long term," he said. On Wednesday, stocks sold off steadily as many companies, citing an impending economic downturn, cautioned investors not to expect much in coming months. The new day's economic data lent support to U.S. companies' cautious prognostications. The Department of Labor's jobless numbers for the week ended Oct. 18 unexpectedly rose by 15,000 to 478,000. Economists were expecting 468,000 unemployment claims for the week.