A better-than-expected services purchasing managers' index (PMI) injected positivity into the markets on Wednesday, soothing Wall Street's fears the economy is slipping into a recession. The Dow added an impressive 416 points, while the Nasdaq and S&P 500 settled firmly in the black as well, as traders rushed back into the technology sector. 

St. Louis Federal Reserve President James Bullard reinforced the notion the U.S. is not in recession territory, and added he expects the central bank to continue hiking interest rates to contain inflation. Strong durable goods orders and manufacturing data for June also boosted stocks today.

The Dow Jones Average (DJI - 32,812.50) added 416.3 points or 1.3% for the day. Walt Disney (DIS) led the gainers, adding 4.1%. Chevron (CVX) paced the laggards, falling 2.4%.

The S&P 500 Index (SPX - 4,155.17) rose 64 points or 1.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,668.16) gained 319.4 points or 2.6% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 21.95) shed 2 points or 8.3% for the day. 

OIL PRICES PLUMMET ON HIGHER CRUDE, GAS INVENTORIES 

Oil prices settled lower on Wednesday. Black gold erased gains in the wake of a decision from the Organization of Petroleum Exporting Countries and its allies (OPEC+) to modestly increase its September production target. What dragged prices lower was a surprise increase in U.S. crude and gasoline inventories. September-dated crude shed $3.76, or 4%, to settle at $90.66 per barrel. 

Gold prices were also lower, snapping a five-day win streak -- their longest since April. Weighing on the safe haven asset was rising Treasury yields and a stronger U.S. dollar, as well as comments from Richmond Fed President Thomas that aggressive rate hikes are still needed. December-dated gold fell $13.30, or 0.7%, to close at $1,776.40 an ounce.

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