Rallying oil prices and insight that the Federal Reserve is wary of rushing another interest rate hike drove up U.S. stocks after a quiet day on the Asian and European markets.

U.S. stocks saw a bump after the Fed’s minutes were released in the afternoon, coming out of a two-day downturn. The Dow Jones industrial average gained 112.73 points, or 0.6 percent, to 17,716.05. The Standard & Poor’s 500 index rose 21.49 points, or 1.1 percent, to 2,066.66. The Nasdaq composite index picked up 76.78 points, or 1.6 percent, to 4,920.72.

Minutes from the Fed’s March meeting showed a divide among the central bank’s officials over when to next raise interest rates. The Fed voted not to move on rates in March, but some officials were in favor of hiking them as soon as this month, according to the documents. However “many participants” urged caution – in line with dovish comments made by Chairwoman Janet Yellen last week that helped bolster U.S. stocks. Continuing a slide triggered by Yellen’s comments, the dollar slipped slightly Wednesday against a basket of foreign currencies.

Investors were also watching the effects of a Treasury action earlier in the week. A planned $160 billion merger between pharmaceutical giants Pfizer and Allergan was abandoned in the wake of new Treasury rules designed to crack down on tax inversions – deals that aim to lower tax burdens by having a foreign firm absorb a U.S. company. Allergan shares ended down nearly 15 percent Tuesday, but rallied more than 3 percent by afternoon trading. Pfizer’s stock was up 4.5 percent.

On Wednesday afternoon, the U.S. benchmark Western Texas Intermediate crude oil was up 5 percent and trading was at $37.66 – rebounding after a dip earlier this week brought it to the lowest per-barrel price in a month.

Concerns that a proposed deal among major oil producers to freeze their outputs might fall through contributed to that slide, which created a drag on global markets in recent days.

But in an interview with Bloomberg on Tuesday, Kuwaiti OPEC governor Nawal al-Fezaia said that a deal could be reached without Iran – which has said it will drive up oil production until it returns to the market share it had before the international sanctions that were imposed – easing investor anxiety.

“Oil producers have no option but to freeze their production as oil prices are low and hurting everyone,” al-Fezaia said. “All early signs before the meeting point to this conclusion.”

The U.S. Energy Information Administration also reported that U.S. stockpiles of crude oil drewdown 4.9 million barrels as of April 1. While inventories remain high, the data showed a decline from the 80-year peak hit the previous week. The administration also reported a slight slowdown in U.S. crude production.