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Oil prices advanced on Wednesday.
The West Texas Intermediate for March delivery increased by 2.86 U.S. dollars, or 4.59 percent, to settle at 65.19 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery gained 2.93 dollars, or 4.35 percent, to settle at 70.35 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle higher
U.S. stocks ended higher on Wednesday, with technology shares regaining ground as investors parsed the latest macro indicators and Federal Reserve meeting minutes.
The Dow Jones Industrial Average rose 129.47 points, or 0.26 percent, to 49,662.66. The S&P 500 added 38.09 points, or 0.56 percent, to 6,881.31. The Nasdaq Composite Index climbed 175.25 points, or 0.78 percent, to 22,753.63.
Eight of the 11 primary S&P 500 sectors closed in positive territory, led by energy and consumer discretionary with gains of 2 percent and 1 percent, respectively. Utilities and real estate were the main decliners, falling 1.7 percent and 1.45 percent.
U.S. manufacturing output rose 0.6 percent last month, the largest gain since February 2025, the Federal Reserve said on Wednesday.
Meanwhile, the U.S. Department of Commerce on Wednesday reported growth in both building permits and housing starts for December 2025.
Technology stocks led Wednesday's advance. Nvidia rose 1.63 percent after Meta disclosed a major new agreement to purchase millions of Nvidia chips for its AI infrastructure.
The remainder of the large-cap technology group closed higher, with Amazon advancing 1.81 percent despite Berkshire Hathaway reporting the near-complete sale of its long-held stake. Apple, Alphabet, Microsoft and Meta recorded modest gains.
Gains moderated in afternoon trading as the Federal Reserve released minutes from its January policy meeting, showing policymakers holding sharply differing views on monetary policy.
The minutes said "several participants commented that further downward adjustments to the target range for the federal funds rate would likely be appropriate if inflation were to decline in line with their expectations."
Markets continue to price in two rate cuts for 2026, with expectations for the next move remaining largely intact by June.
Attention now turns to Friday's release of the December personal consumption expenditures price index, the Fed's preferred inflation measure.
U.S. stocks close higher on better-than-expected macro data
