Dow Closes Higher as Oil Rebounds

Dow closes higher as oil prices rebound

Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets, oil prices, Intel and Twitter.

We always say "it's not how the market opens, it's how it 'closes'.

And today, despite a rough start, stocks finally shooting higher after yesterday's brutal selloff. The Dow gaining more than 300 points in afternoon trade before trimming gains to settle up 227 points. The S&P topped the psychologically key level of 1,900 in intraday trade to close up 31 points. The Nasdaq rose 88 points, more than recovering from an earlier dip of one percent.

What was the propellant for the markets' engine--the recovery in oil prices helped put stocks in the green. Oil settled up two-point-three percent at $31.20 a barrel.

Intel releasing its latest earnings after the bell, beating estimates on both the top and bottom line. However, its server business which has been a cash cow missed sales estimates so shares of the chip giant company dipped in extended trading.

Today may be a major turning point for Twitter. The micro-messaging service breaking eight days of declines to close up nearly two percent. If the stock hadn't reversed course today, it would have matched the record for the longest consecutive decline.

Before the bell, Wall Street got better-than-expected earnings from JPMorgan. The banking giant beat estimates on both profit and revenue, setting the tone for the day. JPMorgan closed up nearly one and a half percent.

The big question: does this rally have legs?