(Bloomberg) -- U.S. stocks rallied, with the Dow Jones Industrial Average surging 300 points after a 364-point rout yesterday, as crude’s advance past $31 a barrel boosted energy shares helped stabilize global markets rattled by China and falling commodity prices.

The Standard & Poor’s 500 Index gained the most in six weeks amid speculation the 7.5 percent selloff to start the year had gone too far too fast. Energy stocks surged 4.9 percent, with risk-on sentiment getting a boost from dovish comments by the Federal Reserve’s James Bullard. The dollar advanced, while havens from Treasuries to gold slipped.

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The MSCI Emerging Markets Index lost 0.9 percent, extending its drop this year toward 9 percent. Gulf stocks slid, with benchmarks in Saudi Arabia and Dubai shedding more than 3.3 percent. Shares in Turkey, South Africa, Poland and the Czech Republic slipped.

The Jakarta Composite Index retreated 0.5 percent after the worst attack in the Indonesian capital since at least 2009. Seven people were killed amid explosions and gunfire, including four attackers, Associated Press reported, citing a police spokesman.

West Texas Intermediate oil for February delivery rose as investors reassessed the reasons for a drop in futures to a 12- year low. Futures were up 2.4 percent at $31.20 a barrel after earlier dropping as much as 0.7 percent. Brent added 1.7 percent to $30.82 a barrel.

"We’re getting a bit of a pause after the big drop,” said Rob Haworth, a senior investment strategist in Seattle at U.S. Bank Wealth Management, which oversees $128 billion of assets. "Stocks are up a bit after a big drop yesterday.

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