* BP shifts U.S. oil spill blame to contractors
* Staples, Costco rise after Goldman upgrades
* Indexes up: Dow 0.7 pct; S&P 0.8 pct; Nasdaq 1 pct
* For up-to-the-minute market news see [STXNEWS/US] (Updates to mid-morning trading)
By Rodrigo Campos
NEW YORK, Sept 8 (Reuters) - Wall Street rose on Wednesday, bouncing off the previous day's losses as a weaker U.S. dollar lifted energy and materials stocks.
Stocks were also helped as a successful Portuguese debt offering eased risk aversion.
U.S. bank stocks recover from Tuesday losses as European
bank shares bounced off their lows. JPMorgan Chase and Co
"The sectors that were hit in the sell-off yesterday are bouncing back," said David Chalupnik, head of equities at FAF Advisors in Minneapolis. "And the lower dollar does help the material and energy stocks."
The Reuters/Jefferies CRB commodities index <.CRB> posted gains for a fifth day running.
The Dow Jones industrial average <.DJI> gained 74.40 points, or 0.72 percent, to 10,415.09. The Standard & Poor's 500 Index <.SPX> rose 9.01 points, or 0.83 percent, to 1,100.85. The Nasdaq Composite Index <.IXIC> added 21.27 points, or 0.96 percent, to 2,230.16.
Stocks fell in light volume on Tuesday as investors seized on renewed concerns about European banks' exposure to sovereign debt to sell shares after strong gains last week.
Later Wednesday, investors will eye the release of the U.S. central bank's Beige Book, the anecdotal reports gathered from its 12 regional banks that could offer insight into U.S. economic conditions. The report is due at 2 p.m. EDT (1800 GMT).
U.S.-traded shares of BP Plc
BP deflected much of the blame, claiming drilling
contractor Transocean Ltd
Staples Inc