NEW YORK, Aug. 28 (Xinhua) -- U.S. stocks snapped a two-day losing streak and bounced back Wednesday, showing resilience once again amid worries about a possible Western-led military intervention into Syria.
The Dow Jones Industrial Average rose 48.38 points, or 0.33 percent, to 14,824.51 points. The Standard & Poor's 500-stock Index was up 4.48 points, or 0.27 percent, to 1,634.96 points. The Nasdaq Composite Index jumped 14.83 points, or 0.41 percent, to 3, 593.35 points.
As the United States and its allies dropped hints of looming military action against Syria, uncertainty over how the escalation of the tensions at the heart of the oil-exporting Middle East continued to push up oil prices, but caused a slump in global equities.
Light, sweet crude for October delivery increased 1.09 dollars to settle at 110.10 dollars a barrel on the New York Mercantile Exchange.
"Today's acceleration in energy commodities has led to a breakout in the stocks themselves," Mark Newton, chief technical analyst at Greywolf Execution Partners Inc., said Wednesday.
On the economic front, U.S. pending home sales fell 1.3 percent in July following a 0.4-percent decline in June, with higher mortgage interest rates slowing the market, the National Association of Realtors said Wednesday.
Meanwhile, mortgage applications decreased 2.5 percent from the previous week, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending Aug. 23.
The CBOE Volatility Index, widely considered as a fear gauge of the market, lost 1.67 percent to end at 16.49.
Elsewhere, gold futures for December delivery on the COMEX division of the New York Mercantile Exchange dropped 1.4 dollars to 1,418.8 dollars per ounce Wednesday.
The U.S. dollar rose against most major currencies Wednesday, as investors locked in profits in the dollar, which is considered safe havens in times of economic stress and geopolitical turmoil.
In late New York trading, the euro slipped to 1.3339 dollars from 1.3386 dollars of the previous session, and the dollar bought 97.69 Japanese yen, higher than 97.1 yen of the previous session.