Exxon, Chevron Spike as Oil Jumps; Stocks Wipe Out Week's Losses

The energy sector led broad gains on Wall Street Thursday. Among major oilers, Exxon Mobil (XOM), Royal Dutch Shell (RDS.A), Chevron (CVX), and BP (BP) closed sharply higher. Crude oil futures rocketed higher as investors turned optimistic on big gains in European, Asian and U.S. equities. West Texas Intermediate added more than 10% in its biggest one-day percentage gain since March 2009. That's a big recovery after six-year lows reached on Monday. Wall Street cheered day two of a market rally with benchmark indexes reversing the week's losses over the session. A revision to second-quarter GDP that supported a strong economic recovery and a big bounce in crude oil prices helped to sustain the rally.