The stock market is closing higher, ending a five-day losing streak, as investors cheered a slight upturn in the price of oil and hoped for more stimulus for Europe's struggling economy.

The sharp drop in oil over the past six months has many worried that the global economy is slowing.

The Dow Jones industrial average rose 212 points, or 1.2 percent, to 17,584 Wednesday. The Dow has gained back about half the ground it lost over the first two days of the week.

The Standard & Poor's 500 increased 23 points, also 1.2 percent, to 2,025. The Nasdaq composite rose 57 points, or 1.3 percent, to 4,650.

J.C. Penney soared 20 percent after reporting gains in holiday sales.

The yield on the 10-year Treasury note rose to 1.98 percent.