U.S. energy stocks were some of the biggest winners in the morning as oil prices gained close to 5%.

There was also good news about the U.S. economy, which grew 3.7% in the second quarter of this year, much higher than the first official estimate on growth and even higher than what economists were projecting.

It's a healthy sign that the American economy hasn't been hurt that much from China's economic slowdown yet. That eases fears about China's impact on the overall U.S. economy.

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It comes on the heels of a Federal Reserve official signaling that with all the turmoil, a September rate hike is less likely now. Most investors see a rate hike as bad for stocks and the 6-year bull market because it'll make borrowing more expensive, even though it's considered a good thing for the economy.

Stock have had a wild ride recently. After closing down 588 points Monday and 204 points Tuesday, the Dow rallied up 619 points Wednesday -- its best one-day point gain since 2008.