US close: Stocks end higher as oil prices rally

The Dow Jones Industrial Average rose 0.24%, the S&P 500 increased 0.08% and the Nasdaq climbed 0.16%.

Oil prices rose as US government data showed weekly crude inventories rose less than expected. Crude inventories increased by 2.1m barrels to 538.6m last week, compared to analysts’ forecasts for a 2.4m gain, according to the Department of Energy.

Crude prices had fallen earlier in the session as concerns about a supply glut resumed after a three-day strike by oil workers in Kuwait came to an end. The strikes had disrupted production.

Venezuelan oil output might also be affected if dangerously low water levels at the Guri dam - which provides the South American country with a third of its power - is forced offline to avoid damage to the turbines, the FT reported citing analysts at Petromatrix. Power shortages could lead to a drop in Venezuela's oil output of between 100,000 to 200,000 barrels a day in 2016, the newspaper said citing analysts.

In corporate earnings, Coca-Cola slumped after the beverage giant posted a fall in first quarter earnings as it took a hit from a stronger dollar and charges related to refranchising.

Shares in Intel Corp. climbed after the chipmaker reported a 3% increase in first quarter earnings to $2.05bn that beat expectations. The company also announced that it plans to cut 12,000 jobs.

In other company news, MGM Growth Properties shares rose 4.8% in their stock-market debut after the initial public offering was priced at $21 a share.

In economic data, sales of existing US homes rose 5.1% in March to a seasonally-adjusted annual rate of 5.33m from a downwardly-revised 5.07m the previous month, according to data from the National Association of Realtors.

The reading came in a touch higher than the 5.30m economists had been expecting.

In currencies, the dollar increased 0.46% against the pound, rose 0.57% against the euro and jumped 0.54% versus the yen.

S&P 500 - Risers
Discover Financial Services (DFS) $56.84 +8.16%
Chesapeake Energy Corp. (CHK) $6.42 +4.90%
Textron Inc. (TXT) $39.91 +4.89%
Viacom Inc. Class B (VIAB) $37.38 +4.88%
Western Digital Corp. (WDC) $43.28 +4.74%
Williams Companies Inc. (WMB) $18.83 +4.55%
Yahoo! Inc. (YHOO) $37.84 +4.16%
St Jude Medical Inc. (STJ) $60.94 +3.99%
Linear Technology Corp. (LLTC) $46.10 +3.95%
Capital One Financial Corp. (COF) $75.43 +3.61%

S&P 500 - Fallers
Coca-Cola Co. (KO) $44.37 -4.79%
NiSource Inc. (NI) $23.07 -3.79%
TE Connectivity Ltd (TEL) $61.44 -3.53%
CMS Energy Corp. (CMS) $40.33 -3.49%
Xcel Energy Inc. (XEL) $39.73 -3.47%
Wisconsin Energy Corp. (WEC) $57.12 -3.42%
Regeneron Pharmaceuticals Inc. (REGN) $399.75 -3.39%
Consolidated Edison Inc. (ED) $73.46 -3.35%
American Electric Power Co. Inc. (AEP) $63.70 -3.25%
Welltower Inc (HCN) $69.02 -3.24%

Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $166.98 +2.66%
Unitedhealth Group Inc. (UNH) $133.93 +2.63%
American Express Co. (AXP) $65.02 +2.28%
International Business Machines Corp. (IBM) $146.11 +1.47%
JP Morgan Chase & Co. (JPM) $64.24 +1.45%
Intel Corp. (INTC) $32.00 +1.27%
Chevron Corp. (CVX) $101.69 +1.18%
Pfizer Inc. (PFE) $33.23 +1.03%
Johnson & Johnson (JNJ) $113.58 +0.80%
Exxon Mobil Corp. (XOM) $86.80 +0.68%

Dow Jones I.A - Fallers
Coca-Cola Co. (KO) $44.37 -4.79%
Procter & Gamble Co. (PG) $81.55 -2.08%
Boeing Co. (BA) $130.57 -1.59%
E.I. du Pont de Nemours and Co. (DD) $64.73 -1.45%
Microsoft Corp. (MSFT) $55.59 -1.42%
Caterpillar Inc. (CAT) $79.74 -0.81%
Wal-Mart Stores Inc. (WMT) $69.21 -0.80%
Verizon Communications Inc. (VZ) $51.75 -0.63%
Merck & Co. Inc. (MRK) $56.58 -0.49%
3M Co. (MMM) $168.94 -0.42%

Nasdaq 100 - Risers
Viacom Inc. Class B (VIAB) $37.38 +4.88%
Western Digital Corp. (WDC) $43.28 +4.74%
Yahoo! Inc. (YHOO) $37.84 +4.16%
Linear Technology Corp. (LLTC) $46.10 +3.95%
Biomarin Pharmaceutical Inc. (BMRN) $89.31 +3.40%
Intuitive Surgical Inc. (ISRG) $644.56 +3.34%
Netflix Inc. (NFLX) $96.77 +2.58%
Nxp Semiconductors Nv (NXPI) $85.01 +2.56%
Incyte Corp. (INCY) $78.49 +2.24%
Illumina Inc. (ILMN) $139.48 +1.90%

Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $399.75 -3.39%
Check Point Software Technologies Ltd. (CHKP) $86.06 -3.17%
Charter Communications Inc. (CHTR) $198.23 -3.13%
Mattel Inc. (MAT) $33.04 -2.57%
Monster Beverage Corp (MNST) $126.69 -2.03%
Biogen Inc (BIIB) $265.89 -1.89%
Liberty Media Corporation - Class A (LMCA) $18.71 -1.68%
Liberty Global plc Series A (LBTYA) $38.18 -1.47%
Liberty Global plc Series C (LBTYK) $37.41 -1.42%
Microsoft Corp. (MSFT) $55.59 -1.42%