US STOCKS-Wall St jumps in 'schizophrenic' rebound fueled by oil

* Crude oil prices rise 6 pct

* Coach (NYSE: COH - news) jumps after quarterly results

* 3M, P&G, J&J up on better-than-expected profit

* Apple (LSE: 0R2V.L - news) reports after the close

* Indexes up: Dow 1.55 pct, S&P 1.14 pct, Nasdaq (NasdaqGS: NDAQ - news) 0.89 pct (Updates to afternoon)

By Noel Randewich

Jan 26 (Reuters) - Wall Street rebounded sharply on Tuesday, driven by a surge in oil prices and strong results from multinationals 3M, Johnson & Johnson (NYSE: JNJ - news) and Procter & Gamble.

The Dow rose 1.55 percent, while the S&P 500 was up 1.14 percent. All 10 major S&P sectors were higher, led by a 2.9-percent rise in the energy sector. Crude prices settled up 3.7 percent on hopes that OPEC and non-OPEC producers would tackle an unrelenting supply glut.

Investors have been reeling from a turbulent start to the year that has left the S&P down 7 percent from the end of 2015.

"This is a schizophrenic market. Big up days, big down days. No real direction," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

Laser-focused on Tuesday's rebound in crude prices, Wall Street shrugged off a 6 percent slump in Chinese shares, sparked by jitters over Beijing's ability to calm domestic markets.

That left the gap between U.S (Other OTC: UBGXF - news) . and Chinese stock indexes at its widest since at least August.

Shares (Berlin: DI6.BE - news) of Apple, which is scheduled to report results after the close, were up 0.6 percent. The iPhone maker's comments on its China business will be in focus because of wide concerns about a potential slowdown in demand.

At 2:48 pm, the Dow Jones industrial average was up 245.95 points to 16,131.17 and the S&P 500 gained 21.43 points to 1,898.51.

The Nasdaq Composite added 0.89 percent to 4,558.63.

While the U.S. Federal Reserve is not expected to move on interest rates at its two-day meeting, which began on Tuesday, investors will parse the Fed's commentary to gauge how recent global turmoil affects the central bank's outlook.

Johnson & Johnson was the biggest influence on the S&P, up 4 percent, while Procter & Gamble rose 2.78 percent. Both companies reported profits that beat estimates.

Exxon climbed 2.65 percent, while Chevron (Swiss: CVX.SW - news) rose 3.1 percent.

3M jumped 5.3 percent, giving the biggest boost to the Dow, after better-than-expected quarterly profit.

Despite those results, profit expectations for the quarter are weak, with earnings at S&P 500 companies on average expected to fall 4.9 percent, according to Thomson Reuters (Dusseldorf: TOC.DU - news) data.

Advancing issues outnumbered decliners on the NYSE by 2,493 to 578. On the Nasdaq, 2,043 issues rose and 735 fell.

The S&P 500 index showed three new 52-week highs and seven new lows, while the Nasdaq recorded six new highs and 65 lows.

(Additional reporting by Abhiram Nandakumar in Bengaluru; Editing by Nick Zieminski)