Investors were in a buying mood again on Thursday, driving U.S. stocks higher for the second straight day as they took advantage of this week’s heavy sell-off.
The rally came a day after the stock market delivered its biggest gain in almost four years, ending a steep six-day slump that was triggered by concerns about the health of the Chinese economy.
Energy stocks surged as the price of U.S. oil jumped more than 10 percent, closing back above $40 a barrel.
Investors were encouraged as China’s main stock-market index logged its biggest gain in eight weeks. They also welcomed a report indicating that the U.S. economy expanded in the second quarter at a much faster pace than previously estimated.
But mostly it was the opportunity to pick up beaten-down shares that drove the rebound. By Tuesday’s close, the Standard & Poor’s 500 index had tumbled more than 10 percent from the all-time high it had set in May.
