The Dow posted triple digit gains for the second day in a row with the blue chip index vaulting 396 points to 16,466 as crude oil prices rose. Nasdaq rocketed 107 points to 4,613.

On the upside

Trader's Choice issued a research update on The Chemours Co. (NYSE: CC).

Coherent (Nasdaq: COHR) reported higher first quarter earnings that beat analyst expectations.

Fourth quarter earnings and revenue for Gigamon (NYSE: GIMO) topped estimates.

On the downside

Abaxis (Nasdaq: ABAX) reported higher third quarter earnings but revenue fell to miss expectations.

Autoliv (NYSE: ALV) reported better than expected results for the fourth quarter but the automotive safety systems maker forecast current quarter revenue that fell short of estimates.

Accuray (Nasdaq: ARAY) reported a loss for the second quarter.

In the broad market, advancing issues outpaced decliners by a margin of 8 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 jumped 46 points to 1,940. Bitcoin held steady at $380.