Oil's pullback bolsters Wall Street

The Dow Jones industrial average gained 124.58 points, or 1.03 percent, to 12,214.61. The Standard & Poor's 500 Index added 11.69 points, or 0.89 percent, to 1,321.82. The Nasdaq Composite Index rose 20.14 points, or 0.73 percent, to 2,765.77.

European shares were rising, recovering from two days of losses, as concerns over the impact of high crude prices on the economy eased after Kuwait said OPEC was in talks to increase production.

The pan-European FTSEurofirst 300 index of top shares was rising 0.3 percent at 1,147.44 points.

After paring gains in early trade to turn flat, the index recovered as it neared its 50 percent retracement levels of its drop from a July 2007 high to its March 2009 low - a positive signal for equities.

Japan's Nikkei benchmark edged higher as investors covered short positions after sharp losses the day before, but future gains are likely to be hard-won due to concerns about the Middle East and oil prices.

The benchmark Nikkei ended the day up 0.2 percent, or 20.17 points, at 10,525.19. The broader Topix index shed 0.3 percent to 939.16.