Global Stocks

European stocks closed sharply higher Wednesday, rising for a second straight session as investors picked up equities beaten down after last week's U.K. vote. to leave the European Union.

The Stoxx Europe 600 SXXP, +3.09% climbed 3.1% to settle at 326.49, as all sectors advanced, led by telecommunication, oil and gas SXER, +4.68% and utility SX6P, +4.33% shares.

Meanwhile, London's FTSE 100 UKX, +3.58% rose 3.6% to settle at 6,360, erasing its post-Brexit slide.

But travel services company TUI AG TUI, -3.82% dropped 2.6%, among the biggest decliners on the index, following a terrorist attack at Istanbul Atatürk Airport in Turkey that left at least 41 people dead. Other travel stocks that had been lower earlier, however, reversed course.

U.S. stocks closed higher Wednesday, rallying for a second day as a surge in crude-oil prices and a retrenchment in Brexit fears pared sharp losses stemming from the U.K.'s surprise vote to leave the European Union.

The Dow DJIA, +1.64% climbed 284.96 points, or 1.6%, to close at 17,694.68.

The S&P 500 SPX, +1.70% rose 34.68 points, or 1.7%, to 2,070.77.

Meanwhile, the tech-heavy Nasdaq Composite Index COMP, +1.86% jumped 87.38 points, or 1.9%, to 4,779.25.

A U.S. Energy Information Administration report showing a sharp drop in domestic crude supplies CLQ6, -0.94% sent oil prices soaring 4.2% to settle at $49.88 a barrel, which carried energy and materials shares higher.

Asia stocks rose across the board on Thursday, tracking an overnight rally on Wall Street, while the safe-haven Japanese yen stopped rising as global markets regained a semblance of calm after last week's Brexit shock.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.3 percent, pulling further away from a one-month low on Friday when it plunged more than 3 percent in reaction to Britain's decision to leave the European Union. The index was on track to end the April-June quarter down about 1 percent.

Japan's Nikkei .N225 climbed 0.8 percent.