Wall Street rises on commodity gains
(Close): Wall Street markets closed higher on Wednesday, led by rising commodity prices that helped metal and oil producers' stocks rise.
The Dow Jones climbed 254.55 points, or 1.57%, to 16,450.96.
Oil stock rose after Iran met with other crude-producing nations to discuss possibly limiting output to combat falling prices.
Russia, Saudi Arabia, Qatar and Venezuela agreed to maintain output at January levels if other oil-producing countries did the same.
Copper producer Freeport McMoRan's shares surged 12.4%, while aluminium producer Alcoa climbed 5%.
Priceline was one of the big winners on the Nasdaq. Its shares surged 11.2% after the company announced that fourth-quarter profits rose to $504.3m.
Minutes released by the US Federal Reserve suggested that the bank is unlikely to raise interest rates when it meets in March.
A stream of data released on Wednesday showed a mixed view of the US economy.
Construction of new homes fell to an eight-month low in January. Industrial output rose 0.9% in January, after falling 0.7% in December because of unseasonably warm weather and a strong dollar.
The US producer price index edged up in January after falling in December. Excluding energy and food prices - which are highly volatile - the index rose 0.2% compared to December. The increase supports earlier assertions by the Federal Reserve that inflation will slowly increase.