U.S. stocks advanced Wednesday for a third straight day, led by gains in energy and materials stocks as oil prices jumped.
Oil futures were soaring close to 4%, continuing their rebound off multiyear lows after U.S. crude inventories posted an unexpectedly large decline last week and as OPEC said it expects the price of its basket of crudes to rise to $ 70 a barrel in 2020. Prices and energy stocks could get another jolt around 1 p.m. Eastern Time, when rig-count data from Baker Hughes is released.
Investors also welcomed economic reports that pointed to a slow but steady improvement in consumer spending.
The S&P 500 climbed 18 points or 0.9% to 2,057, with all 10 main sectors trading in positive territory, led by energy, which boasted a 3% gain thanks to a jump in crude-oil prices.
The Dow Jones Industrial Average gained 132 points, or 0.8%, to 17,551, while the Nasdaq Composite rose 33 points or 0.7%, to 5,034.
Source : Marketwatch