Dow rises 700 points as oil prices decline 10%, S&P 500 up 2.5%; European stocks close up 4.7% to notch best session in nearly two years as commodity prices ease 
Stocks posted sharp gains on Wednesday as recently surging commodity prices, especially oil, cooled off while the war in Ukraine continues. 
The Dow Jones Industrial Average rose about 700 points, or about 2.2%, helped by gains in Salesforce, Nike and JPMorgan. The S&P 500 climbed about 2.8%, on pace for its best day since May 2020. The technology-focused Nasdaq Composite gained roughly 3.7%, on pace for its best day since November 2020, boosted by strong gains in mega-cap technology darlings. 
epsico shares rose more than 1% after the soft drink giant said it will suspend sales in Russia, though it will continue to sell snacks and essentials such as baby formula. Elsewhere, shares of dating service Bumble soared 45% after it reported profit and expected growth that was much better than Wall Street expectations. 
Oil prices took a sharp leg lower in afternoon trading, giving stocks an extra boost. WTI crude oil tumbled more than 12%, or $15, to settle at $108.7 per barrel, registering its worst day since Nov. 26. Meanwhile, Brent crude oil, the international benchmark, fell a similar 13%, or $16.8 to $111.1, for its biggest one-day drop since April 2020. 
Technology stocks pushed the major averages higher with Netflix gaining 5% and Microsoft up 4%. Meta Platforms and Alphabet rose 3% and 4%, respectively. 
Certain consumer-related stocks roared back on Wednesday after weakness on fears that higher gas prices would dent consumer spending. Nike rose 6% and Starbucks added 3.8%. 
Airlines and cruise lines were also higher on Wednesday. Carnival Corp. is up more than 7% and United Air Lines is 7.2% higher. 

The pan-European Stoxx 600 closed up 4.7%, notching its best day since March 2020. Auto stocks added 9.5% to lead the gains as most sectors and major bourses ended the session in positive territory. Oil and gas shares fell nearly 2.5%. 
Adidas shares jumped nearly 13% after the German sportswear company’s earnings, while Deutsche Post DHL added 12%. 
At the top of the Stoxx 600, Polymetal International shares surged more than 62% after the Anglo-Russian miner announced that all of its operations in Russia and Kazakhstan have continued undisrupted, while asserting that targeted sanctions against it are unlikely. 
Source: CNBC, Investing.com