Crude oil prices rebounded to settle just below $30 per barrel. The markets closed sharply higher with the Dow soaring 115 points to 15,882. Nasdaq edged up a fraction to 4,472.

On the upside

Rising copper and gold prices lifted shares of Freeport-McMoRan (NYSE: FCX).

Morgan Stanley said that Micron Technology (Nasdaq: MU) had an upside potential of 80%.

Canaccord Genuity initiated coverage of PFSweb (Nasdaq: PFSW) with a Buy rating and a price target of $16.

On the downside

MGIC Investment (NYSE: MTG) reported higher fourth quarter earnings and revenue but the company announced changes to its mortgage insurance premiums.

Tech in Asia reported that Indonesian authorities demanded that Netflix (Nasdaq: NFLX) comply with local regulations.

LifeLock (NYSE: LOCK) named Hilary Schneider to succeed Todd Davis as chief executive officer.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 gained 9 points to 1,868. Bitcoin fell $4 to $412.