NEW YORK — U.S. stocks rose Wednesday as technology companies traded higher for a second day in a row and consumer companies gained steam as cruise lines rose. The beleaguered financial sector recovered some of its losses from earlier this year.
Stocks started the day sharply higher, following a jump in European markets, although they returned some of those gains as the day wore on.
Oil prices followed the same pattern and finished a few cents higher.
Cruise lines rose after Carnival posted strong first-quarter results, and the dollar weakened. Stocks are up about 7 percent this month, part of a rally that has canceled out their losses from a disastrous start to the year.
“The Fed really cured a lot of global ills” by deciding to go slower in raising interest rates, said John Cannally, chief economic strategist for LPL Financial. The Federal Reserve announced that decision two weeks ago, and Fed Chair Janet Yellen emphasized it again in a speech Tuesday.
The Dow Jones industrial average Wednesday rose 83.55 points, or 0.5 percent, to 17,716.66. The Standard & Poor’s 500 index gained 8.94 points, or 0.4 percent, to 2,063.95. The Nasdaq composite index added 22.67 points, or 0.5 percent, to 4,869.29.
Banks and insurance companies made the biggest gains. MetLife gained $2.27, or 5.3 percent, to $44.73 after the company successfully challenged its “too big to fail” designation.
The Financial Stability Oversight Council had said MetLife needed greater government oversight because of its size and importance to the financial system, but the company took the council to court over that ruling. On Wednesday a judge ruled in its favor.
Fellow insurer AIG advanced $1.13, or 2.1 percent, to $54.52 and Prudential rose $1.43, or 2 percent, to $72.95. Banks also traded higher.
Apple led the gains among technology companies. Its stock rose $1.88, or 1.7 percent, to $109.56. The world’s largest publicly traded company is at its highest price since mid-December. Visa gained $1.40, or 1.9 percent, to $76.78.
After two weeks of mixed trading, stocks started moving higher late Tuesday, when Federal Reserve Chair Janet Yellen said the central bank expects to proceed slowly in raising interest rates. The market is now on pace for its best month since October, and the Dow and S&P 500 are higher for the year.
