Wall Street's rally entered day two on Wednesday, propelling stocks higher and erasing all May losses for the Dow Jones. Equities gained as investors overcame the shock over the higher likelihood of a June rate hike. Crude oil prices held onto gains after an official weekly read on inventories confirmed an expected decrease. The EIA said U.S. stocks fell by 4.2 million barrels in the past week, pushing crude to trade at seven-month highs. Alibaba (BABA - Get Report) tumbled on news of an investigation from the Securities and Exchange Commission. Regulators are looking into data reported from Singles Day, a massive online-sales holiday in November which generated more than $14 billion in sales. Tiffany & Co. (TIF - Get Report) fell after issuing a soft earnings forecast for the full year. TheStreet's Keris Lahiff reports from Wall Street.