New York, Jun 30 (IANS): US stocks closed higher, helped by gains in oil prices, as global markets continued to rebound from previous sharp losses after Britain's vote to leave the European Union (EU).

The Dow Jones Industrial Average jumped 284.96 points, or 1.64 per cent, to 17,694.68 on Wednesday, Xinhua news agency reported.

The S&P 500 rose 34.66 points, or 1.70 per cent, to 2,070.75. The Nasdaq Composite Index surged 87.38 points, or 1.86 per cent, to 4,779.25.

Analysts said fears that the stunning referendum results could send global markets on a wild descent have receded.

"Perhaps global markets are waking to fact that the global marketplace is unchanged," said Stephen Guilfoyle, managing director at Deep Value, on Wednesday.

On the economic front, US personal consumption expenditures (PCE) increased $53.5 billion, or 0.4 per cent, in May, the Commerce Department announced on Wednesday.

US stocks closed more than 1.5 per cent higher on Tuesday, as Wall Street saw an opportunity to buy following two-day sharp selloff after Britain's vote to leave the European Union (EU).