"What we really need is to see a market that can trade higher agnostic to oil prices," said Art Hogan, chief market strategist at Wunderlich Securities.
"Breaking that correlation with WTI ... that is a head turner," he said.
The Dow Jones industrial average traded about 90 points higher after earlier jumping 200 points. Goldman Sachs, Boeing and Chevron contributed the most to gains. The Nasdaq composite briefly gained more than 1 percent, as Apple and biotech stocks rose.
"You've got the market rebounding after a three-day steep sell-off that brought the Dow, S&P and Nasdaq (near) their 200-day moving averages, a perfect area for support," said Adam Sarhan, CEO of Sarhan Capital.