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The S&P 500 Index advanced 0.86% and the Nasdaq 100 Index climbed 1.47% as falling crude oil prices and lower bond yields eased inflation concerns. The Dow Jones Industrial Average gained 0.36% during the session.
The rally was supported by signs that supply disruptions in the Middle East are easing, which bolstered hopes that inflation can be kept under control.
WTI crude oil prices dropped more than 1%, reversing a surge to a 3.75-month high earlier in the week.
US Energy Secretary Wright noted that 18 million barrels of crude oil and refined products passed through the Strait of Hormuz on Tuesday, alleviating global supply worries.
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