US close: Markets finish higher as oil rockets

US markets closed higher on Wednesday, led by industrial and materials stocks, with the Dow Jones and the S&P 500 edging close to their 52-week intraday highs seen last summer.

At the closing bell, the Dow Jones Industrial Average had added 0.37% to 18,005.05, the S&P 500 closed up 0.33% at 2,119.12, and the Nasdaq Composite finished 0.26% higher at 4,974.64.

The Dow’s close was its first above the psychologically important 18,000 point level since 27 April, with UnitedHealth the largest contributor to the gains.

Industrials and materials led the risers on the S&P 500, which closed at a new high for the calendar year so far and just 0.64% lower than its 52-week intraday high reached last July.

The Dow was 1% below its 52-week intraday high, which it achieved last June.

Transports were up half a percent on the Dow, as they clung to gains of more than 5% for the year to date.

The Nasdaq Composite’s gains were helped by rises in shares of Alphabet, while Apple closed slightly lower.

“Perhaps investors are hoping and seeing opportunities for revenue growth and earnings growth,” said BMO Private Bank chief investment officer Jack Ablin.

“The rationale for substantial gains from here seems kind of tenuous unless we can get a ramp up in revenue.”

Crude prices rose during US trading, with West Texas Intermediate last up 2.25% at $51.52 and Brent crude up 2.43% at $52.72 per barrel.

Fresh data from the Energy Information Administration showed a 3.2 million barrel draw in crude as well as increases in gasoline and distillate stockpiles.

The American Petroleum Institute also showed a larger-than-expected US crude stockpile draw late on Tuesday.

On the economic front, the Job Openings and Labor Turnover Survey showed there were 5.8 million job openings at the end of April.

The World Bank downgraded its global growth forecast for 2016 to 2.4%, from its previous 2.9% forecast posted in January.

S&P 500 - Risers
United States Steel Corp. (X) $17.70 +11.11%
Chesapeake Energy Corp. (CHK) $4.97 +6.42%
Signet Jewelers Ltd (SIG) $89.31 +3.97%
Brown Forman Corp. Class B (BF.B) $100.80 +3.54%
Under Armour Inc. Class A (UA) $39.04 +3.36%
Freeport-McMoRan Inc (FCX) $11.58 +3.02%
PPG Industries Inc. (PPG) $110.95 +2.95%
General Growth Properties Inc. (GGP) $27.52 +2.92%
Nucor Corp. (NUE) $51.76 +2.76%
Norfolk Southern Corp. (NSC) $85.95 +2.64%

S&P 500 - Fallers
Southwestern Energy Co. (SWN) $14.12 -7.17%
Range Resources Corp. (RRC) $44.47 -3.79%
Mosaic Company (MOS) $28.02 -3.48%
Micron Technology Inc. (MU) $12.58 -3.23%
Devon Energy Corp. (DVN) $37.58 -3.04%
F5 Networks Inc. (FFIV) $120.35 -2.90%
CF Industries Holdings Inc. (CF) $31.08 -2.75%
H&R Block Inc. (HRB) $21.01 -2.37%
Valero Energy Corp. (VLO) $54.39 -2.25%
AbbVie Inc (ABBV) $61.73 -2.17%

Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $140.40 +2.53%
Caterpillar Inc. (CAT) $78.11 +1.69%
Visa Inc. (V) $81.65 +1.30%
Pfizer Inc. (PFE) $35.25 +1.18%
Merck & Co. Inc. (MRK) $57.62 +1.09%
Nike Inc. (NKE) $54.12 +1.06%
Boeing Co. (BA) $133.00 +0.81%
United Technologies Corp. (UTX) $102.07 +0.61%
General Electric Co. (GE) $30.31 +0.56%
American Express Co. (AXP) $66.26 +0.56%

Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $68.37 -0.54%
Verizon Communications Inc. (VZ) $51.52 -0.44%
Goldman Sachs Group Inc. (GS) $154.64 -0.34%
Walt Disney Co. (DIS) $98.04 -0.32%
Travelers Company Inc. (TRV) $114.22 -0.31%
Home Depot Inc. (HD) $129.59 -0.25%
Chevron Corp. (CVX) $103.09 -0.22%
Microsoft Corp. (MSFT) $52.04 -0.12%
Apple Inc. (AAPL) $98.94 -0.09%

Nasdaq 100 - Risers
Henry Schein Inc. (HSIC) $179.14 +1.85%
Alphabet Inc. Class C (GOOG) $728.28 +1.62%
Alphabet Inc. Class A (GOOGL) $742.93 +1.62%
Cognizant Technology Solutions Corp. (CTSH) $61.62 +1.47%
Tesla Motors Inc (TSLA) $235.52 +1.37%
Express Scripts Holding Co (ESRX) $76.86 +1.34%
PACCAR Inc. (PCAR) $56.90 +1.28%
Intuitive Surgical Inc. (ISRG) $642.88 +1.10%
CA Inc. (CA) $33.09 +1.07%
Charter Communications Inc. (CHTR) $223.08 +1.03%

Nasdaq 100 - Fallers
Ctrip.Com International Ltd. Ads (CTRP) $42.00 -5.19%
Vodafone Group Plc ADS (VOD) $32.95 -3.60%
JD.com, Inc. (JD) $21.24 -3.50%
Micron Technology Inc. (MU) $12.58 -3.23%
Netflix Inc. (NFLX) $97.86 -2.03%
Tractor Supply Company (TSCO) $94.39 -1.99%
Liberty Media Corporation - Class A (LMCA) $19.78 -1.67%
Biomarin Pharmaceutical Inc. (BMRN) $84.10 -1.64%
Seagate Technology Plc (STX) $24.25 -1.62%
Liberty Global plc Series A (LBTYA) $38.84 -1.62%