Market's mood swings on financial stocks, oil

— -- The two things that have dragged investors into a bad mood all year, financial stocks and oil prices, put a big smile on their faces Wednesday.

"One day does not tell us much," says Charles Crane of Scotsman Capital. "But it does feel good."

Investors could almost hear a collective sigh of relief from Wall Street as good news, or at least less-negative news, came from:

"Not all financials are in dire straits as everyone thought," he says.

•The oil patch. The price of a barrel of oil slid $4.14 to $134.60, topping off a $10.58-a-barrel decline in the price of crude over the past two days.

Genter says oil falling is a critical catalyst for stocks because investors have assumed prices would be elevated for a long time. "What you're seeing is a relief rally of oil coming down," he says.

•Almost everywhere else. Many industries, excluding those related to energy and gold, joined in the rally. In addition to financials, shares of auto companies added 17.6%; home builders, 17.0%, and building products, 11.5%. Such wide participation pushed the Standard & Poor's 500 up 30.45 points, or 2.5%, to 1245.36.