Although there were worries that the U.S. economy wasn’t doing well as expected, recent data has helped in dispelling those concerns, giving equities support. By the close of Wednesday, bank and energy stocks led Wall Street to record higher, after strong data in jobs dispelled worries over the U.S. economy’s health.

This improvement in the data of U.S. economy, including construction spending, manufacturing and auto sales, rekindled the expectations that the Fed could go ahead and raise rates at least one time later in the year in order to give a boost to the bank shares.

Crude prices were seen to hover, going in and out of the negative territory throughout the day, but ended higher. At one point, they recorded USD35.17, which is its highest point since January 6. According to Hodges Capital Management’s portfolio manager, Gary Bradshaw, there was a lot of pessimism around the energy sector, but it finally moved up, telling the world that it isn’t going through a recession.

The industrial average in Dow Jones rose 0.2% or 34.24 reaching 16,899.32. The S&P 500 on the other hand gained by 0.4% or 8.1 points or reach 1,986. The Nasdaq Composite also added by 0.29% or 13.83 points reaching 4,703.42.

The U.S. economy shows signs that it will recover, even as the euro zone and China continue to seek support of their central banks. The confidence view on US stocks was evident in CBOE Volatility index, after traders showed anxiety following its closer at lowest level so far in the year.

The worst performer was the materials sector, which recorded a 7.8% drop following the Monsanto decision to cut its earning guidance. The largest gainer was Chesapeake Energy, recording a 23.2% rise to USD 3.40. The energy sector also rose by 2.5%, and the financials added 0.9%.

The Wall Street recorded late gains by the close of Wednesday, with bank shares and energy sectors leading. The strong data dispelled any concerns against the health of the U.S. economy.