Stocks snap 3-day losing streak

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NEW YORK (CNNMoney) -- Tech shares and energy stocks helped push the broader market higher on Wednesday, halting a three-day losing streak for the Dow and S&P 500.

Dell (DELL, Fortune 500) was the best performer on both the S&P 500 and the Nasdaq. Late Tuesday, the PC maker reported record earnings even as PC sales slumped.

And a more than 3% jump in oil prices boosted shares in the energy sector, including Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500), Tesoro (TSO, Fortune 500) and Cabot Oil (COG). The Energy SPDR (XLE), an exchange-traded fund which tracks several energy companies including Exxon and Chevron, rose nearly 3%.

The Dow Jones industrial average (INDU) added 81 points, or 0.7%, to close at 12,560; the S&P 500 (SPX) rose 12 points, or 0.9%, to 1,341; and the tech-heavy Nasdaq Composite (COMP) added 32 points, or 1.1%, to end at 2,815.

Oil prices jumped $3.19, or 3.3%, to $100.10 a barrel, after the Energy Department's weekly oil inventory report showed U.S. crude supplies remained unchanged last week. Analysts had expected an increase of 550,000-barrels.

"This was the first non-bearish inventory report we've seen in a month," said James Cordier, president of Liberty Trading Group.

Investor enthusiasm has dampened in recent weeks as both stocks and commodities have pulled back from recent highs and Wall Street braces for the conclusion of the Federal Reserve's $600 billion bond-buying program at the end of June.

"There's been a legitimate downshift in growth expectations, particularly since lot of the recent data has been softer than expected," said Mike Pond, head of fixed income with Barclays Capital.

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There are many uncertainties driving this sentiment. The United States hit its debt ceiling on Monday and Congress continues to battle over the nation's budget.

Stocks closed mixed on Tuesday as investors digested a weak outlook from Hewlett-Packard (HPQ, Fortune 500), a grim read on the housing market and an unexpected drop in April industrial production.

Bonds: As concerns of a possible economic slowdown have built up, investors have moved into in less-risky assets. Earlier in the day, the yield on the benchmark 10-year note traded at a yield of 3.11% -- near its lowest level of the year.

"In our view, when QE2 concludes we will have a fairly brisk slowdown in economic growth especially as oil and commodity prices have given the consumer little hope," said Tom Di Galoma, head of fixed income trading with Oppenheimer & Co.

Di Galoma said a sub-3% 10-year note is highly likely "given all the economic uncertainty."

The price on the 10-year note edged lower as Wednesday's stock market rally gained momentum, with the yield rising to 3.17%.

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Economy: The Federal Reserve's April meeting minutes showed mild divisions among the Fed's key central bankers on when to begin raising interest rates and whether inflation is a real threat. Those divisions did not impact voting, as all bankers voted unanimously to keep interest rates low and end QE2 on schedule.

Companies: Target (TGT, Fortune 500) posted earnings per share of 99 cents, up 9.8% from the same quarter a year ago. Sales also rose and both numbers topped forecasts. Despite the good news, shares fell 1.5%.

Office supply giant Staples (SPLS, Fortune 500) reported a 2% rise in sales to $6.2 billion, and net income rose of $198 million. The results were just shy of forecasts and the company issued a tepid outlook, sending shares down 15% - making it the worst performer on the S&P 500.

Deere & Co. (DE, Fortune 500) reported a 25% jump in sales to $8.9 billion, citing strong demand for large farm machinery, particularly in the United States, Canada and Brazil. Still, shares fell 0.5%.

Hershey (HSY, Fortune 500) shares dropped 3% after the company announced Hershey Chief Executive David West was leaving the company to join privately-held Del Monte Foods.

Aflac's (AFL, Fortune 500) shares fell 7% after its CEO Dan Amos gave an earnings forecast that fell short of analysts' expectations.

The New York Times Co. said Wednesday that it added 100,000 paid subscribers after it installed its paywall at the end of March, more than analysts had expected. Shares jumped 9.5%.

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Currencies and commodities: The dollar edged lower against the euro and the Japanese yen, but gained on the British pound.

Gold futures for June delivery rose $13.70, or 0.9%, to $1493.70 an ounce.

Silver futures for July delivery jumped $1.59, or 4.8%, to $35.08 an ounce.

World markets: European stocks closed moderately higher. Britain's FTSE 100 rose 1.1%, the DAX in Germany rose 0.7% and France's CAC 40 closed up 0.9%.

Asian markets ended higher. The Shanghai Composite added 0.7%, the Hang Seng in Hong Kong added 0.5% and Japan's Nikkei rose 1%.