U.S. indices are continuing their recovery midday Wednesday, with the three major indices recovering from Tuesday's drop.
The S&P 500 and Nasdaq were both rising 0.3%, while the Dow Jones Industrial Average was rising 0.4% as oil prices also recovered from an uncharacteristic dip on Tuesday.
Brent crude contracts for May delivery were rising $1.01 to $40.66 a barrel, while West Texas crude for April delivery was climbing $1.12 to $37.62 per barrel.
The commodity's recovery has been fueled by data from the U.S. Energy Information Administration showing that gasoline stockpiles last week fell by 4.5 million barrels and distillates dropped by 1.1 million barrels. Gasoline's decline nearly tripled the 1.5 million-barrel-stockpile decrease reported in the previous week.
Crude oil stockpiles increased by 3.9 million barrels during the week. That number was about 900,000 barrels more than analysts were expecting for the week.
Linn Energy (LINE) shares jumped nearly 30% in conjunction with oil's rise today. The stock has had an up and down week, nearly doubling on Monday before dropping 15% on Tuesday. There has been no internal news from the company so the fluctuation of commodity prices seems to be responsible for the stock's volatility.
Whiting Petroleum (WLL) shares were also spiking over 10% today thanks to crude's climb.
Darden Restaurants (DRI) was climbing after parent company Olive Garden provided fiscal third-quarter earnings guidance between $1.18 and $1.21 per share vs. analysts' consensus expectations of $1.05.
Apparel maker Express (EXPR) was climbing after beating analysts' top- and bottom-line fourth-quarter expectations. The company saw its EPS grow 37% to $0.67 in the quarter.
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Shares of Chipotle (CMG) were dropping after the company announced that it had to temporarily close a store in Massachusetts after at least one employee contracted norovirus. The company's stock took a hit last year after it had to readjust its food safety measures following two E. coli and two norovirus outbreaks.
A short squeeze was sending SeaDrill's (SDRL) shares tumbling after the oil rig company rose more than 200% last week.