U.S. stocks closed higher Thursday, ending a five-day losing streak with telecoms leading sector advancers.
The Dow Jones industrial average closed about 93 points higher with 3M contributing the most to gains. Earlier, the Dow fell nearly 169 points.
The S&P 500 closed about a third of a percent higher after earlier falling 1 percent. Energy was the only declining sector as U.S. crude oil futures settled down $1.80, or 3.75 percent, at $46.21 a barrel.
The major indexes came off session lows as selling in the British pound eased against the U.S. dollar. to trade higher around $1.422 as of the U.S. stock market close.
The move in sterling coincided with a tweet from U.K. Prime Minister David Cameron stating that all campaigning around the E.U. referendum has been suspended, following news that Labour Member of Parliament Jo Cox died from a shooting earlier in the day. The cause of the shooting was unclear, but there was speculation the act could encourage more voters to choose to remain in the EU.
"Civility took over and the debate over Brexit stopped for a period of time," said Art Hogan, chief market strategist at Wunderlich Securities.
Gold also came well off session highs, after earlier extending its rise above $1,300 an ounce to hit its highest since August 2014.
Traders cited some technical support around 2,050 on the S&P as helping the intraday turnaround. The Dow and S&P posted their first five-day losing streak since February on Wednesday.
"The turn (in stocks) started when Europe started to close," said Peter Coleman, head trader at Convergex. He noted stocks were somewhat oversold and attributed much of the midday recovery to the close in European stocks and some short-covering.
European stocks ended well off their lows, with the STOXX Europe 600 about 0.72 lower.