Wall St. rises late, led by energy and bank shares

Energy and bank stocks led Wall Street higher on Wednesday, adding to a rally in the previous session, after strong jobs data dispelled concerns over the health of the U.S. economy.

Concern lingered that the U.S. economy was on a weaker footing than thought, but recent data including a better-than-expected reading on private sector job creation last month has helped dispel those worries and given equities support.

The improvement in U.S. economic data, including manufacturing, construction spending and auto sales earlier this week, rekindled expectations that the Federal Reserve could raise rates at least once later this year, giving a boost to bank shares.

Crude prices hovered in and out of negative territory through the day but ended higher, with U.S. crude CLc1 reaching $ 35.17 at one point, its highest since Jan. 6.

" There' s been so much pessimism around energy," said Bradshaw, " and in spite of that oil is near $ 35 (a barrel). When crude moves up it is telling the world, and particularly the US, is not going through a recession. "

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Stimulus Hopes Propel China Stocks to Biggest Gain in 4 Months

Shanghai Rallies 4% as Industry Consolidation Looms

China stocks rallied Wednesday as investors anticipate more policy stimulus to shore up the flagging economy, in particular the housing sector. A global commodities prices rally added to momentum.

The Shenzhen Composite Index advanced 4.7% at 1760.58 while the ChiNext board climbed 4.3% to 2017.60.

Property stocks rose 6.5%, and a late-session surge in brokerage shares compounded gains, following an easing of margin trading rules. " Given the weak economy, as evidenced by the latest PMI figures, Beijing is largely expected to roll out more stimulus, coupled with easing in monetary policy, " says Capital Securities analyst Zheng Chunming, who projects that the PBOC is likely to cut required reserve ratio for another three or four times this year.

For example, Beijing is likely to devalue the yuan further by end of this month to counter pressure from likely interest rates hike by the Fed this June, says Zhang Xin, an analyst from Guotai Junan Securities.