Stocks rebounded Wednesday as recently surging commodity prices slowed as Russia's war with Ukraine continues. The Dow Jones Industrial Average rose over 650 points, while the S&P 500 Index and Nasdaq Composite gained over 2.5% and 3.5%, respectively. The rally came after the market fell for a fourth session on Tuesday, with the S&P 500 and Dow falling deeper into correction and the Nasdaq added to its bear market losses.

West Texas Intermediate fell over 12% to settle at $108.70 per barrel, posting its worst day since Nov. 26. Earlier this week, the U.S. benchmark topped $130 per barrel. International benchmark, Brent Crude (BNO  ) also fell about 13% to $111.10, falling from its $139 per barrel price set on Monday.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +2.57% or +107.16 points to 4,277.86

Dow Jones Industrial Average (DIA  ): +2.00% or +652.65 points to 33,285.29

Nasdaq Composite Index (QQQ  ): +3.59% or +459.99 points to 13,255.55

White House introduces executive order for cryptocurrencies:

The White House on Wednesday unveiled President Joe Biden's executive order creating a framework for federal agencies to research and develop a strategy for regulating cryptocurrencies. One of the key parts of the order calls for the government to research the need for a central bank digital currency.

"The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans' interests," according to the White House. "The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work."

Job openings hold at near-record levels in January:

U.S. job openings remained at a near-record level in January, as widespread labor shortages still impact the economy.

Openings totaled 11.262 million for the first month of 2022, according to the Labor Department's Job Openings and Labor Turnover Summary published on Wednesday. This compared to an upwardly revised 11.4 million openings in December, which marked a record in data going back to 2001.

Beneath the headline, the number of quits in January was down compared to December at 4.3 million, while the quits rate fell from December's record high at 2.8%.

Here's how market benchmarks started trading after open:

S&P 500 Index: +1.28% or +53.48 points to 4,223.10

Dow Jones Industrial Average: +0.64% or +209.65 points to 32,860.42

Nasdaq Composite Index: +2.52% or +322.06 points to 13,113.70