US stocks rebound as oil rallies, Chinese stocks hit 4-year high

US stocks finally saw a strong rebound on Wednesday that saw it erasing almost half of its December loss. Bloomberg reports:

The S&P 500 surged 2 percent to 2,012.89 by the 4 pm. close in New York, the biggest one-day gain since October 2013 to reduce the index’s December decline to 2.6 percent. Yields on 10-year Treasury notes climbed eight basis points to 2.14 percent and the Bloomberg Dollar Spot Index rose 0.9 percent as the yen slid. Oil rallied from five-year lows to fuel gains in energy stocks, while the ruble strengthened before Russian President Vladimir Putin holds his annual media conference.

The Fed said it will be patient on the timeline for higher rates, replacing a pledge to keep borrowing costs near zero for a “considerable time,” and raising its assessment of the labor market. It was another step in the Fed’s exit from the loosest monetary policy in its 100-year history...

Brent, the benchmark for half the world’s oil, advanced 1.9 percent from a five-year low. WTI shrugged off an increase in supplies at Cushing, the delivery point for Nymex futures. to rise 1 percent to $56.47 a barrel.

Elsewhere, most markets performed less impressively.

In Europe, the STOXX Europe 600 Index closed with a 0.1 percent gain after having lost as much as 1.1 percent at one point on Wednesday.

Earlier in Asia, stocks were mixed but China's stock market jumped 1.3 percent to a four-year high.