US market close: Stocks make modest gains as oil prices rebound

US markets — Traders work on the floor of the New York Stock Exchange (NYSE). Getty

US stocks closed up on 9 March, with oil prices rallying and investors waiting for the European Central Bank's (ECB) monetary policy decision on 10 March. ECB President Mario Draghi is expected to announce stimulative measures that will affect US investors.

"I think the big focus is how the expectations in the marketplace are going to be met by the announcement tomorrow," Daniel Deming, managing director at KKM Financial told CNBC. The Bank of Japan and the Federal Reserve are expected to hold their meetings next week.

The Dow Jones Industrial Average rose 36.26 points, or 0.21%, to settle at 17,000.36. The Dow was led by gains in Chevron Corp. According to CNBC, Nike weighed heavily.

The S&P 500 gained 10 points, or 0.51%, settling at 1,989.26. Nine of the 10 main sectors closed up, with a 1.5% gain in energy stocks and 1% gain in energy stocks. The index's telecommunications sector closed down about 0.3%.

The Nasdaq Composite surged 25.55 points, or 0.55%, to 4,674.38. Gains by the tech sector were weighed down by losses in the biotech sector, MarketWatch noted. The iShares Nasdaq Biotechnology ETC was down 1.2%.

Crude futures' upward trajectory contributed to gains across the major averages. Crude oil closed 4.9% higher at $38.29 a barrel following the weekly inventories data provided by the US Energy Information Administration. "Oil prices are rebounding because rig counts dropped so drastically that production has to decline. And any stabilisation in oil prices is a positive for markets," explained Diane Jaffee, senior portfolio manager at TCW.

The US dollar index traded a tad lower, but the euro rose above $1.10. The yen was at 113.29 yen against the greenback. Gold fell 0.4% to settle at $1,257.40. Meanwhile, treasury yields ended higher, with the 2-year yield at 0.89% and the 10-year yield at 1.88%.

Abroad, European stocks closed about half a percent higher. The STOXX Europe 600 Banks index closed up 0.18%. In Asia, stocks closed mostly down, with Japan's Nikkei 225 down 0.8% and the Shanghai Composite down 1.3%.