Energy Lifted Stocks for Third Straight Day

U.S. stocks closed higher for the third straight session on Wednesday, propelled by sharp gains in energy stocks as a rebound in oil prices boosted sentiment heading into the Christmas holiday. The Dow Jones industrial average rose 185.2.34 points, or 1.06%, to 17,602.61. The S&P 500 gained 25.32 points, or 1.24%, to 2,064.28. The Nasdaq Composite added 44.82 points, or 0.90%, to 5,045.93.

Oil futures continued their rebound off multiyear lows Wednesday, ending sharply higher after data revealed U.S. crude inventories posted an unexpectedly large decline last week. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February rose $1.36, or 3.8%, to end at $37.50 a barrel.

Sales of newly built U.S. homes rose last month and are on track for a solid 2015, though sales growth has softened in recent months. Purchases of new single-family homes increased by 4.3% to a seasonally adjusted annual rate of 490,000 in November, the Commerce Department said Wednesday.

Kalobios Pharmaceuticals Inc said on Wednesday it had been notified by Nasdaq that it will delist the stock using its “discretionary” authority.