Stocks Ended Higher as Oil Recovered
- Wednesday, February 24, 2016, 16:39
- Stock Market
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U.S. stocks closed higher on Wednesday as some stabilization in oil prices offset declines in financials. The Dow Jones Industrial Average gained 53.21 points, or 0.32%, to 16,484.99. The S&P 500 rose 8.53 points, or 0.44%, to 1,929.80.The Nasdaq Composite was up 39.02 points, or 0.87%, to 4,542.61.
Oil futures settled with a gain on Wednesday, finding support from a weekly decline in U.S. crude production. April West Texas Intermediate crude tacked on 28 cents, or 0.9%, to settle at $32.15 a barrel on the New York Mercantile Exchange. Brent crude on London’s ICE Futures exchange settled up $1.14, or 3.4%, at $34.41 a barrel.
The Group of 20 nations must plan now for a coordinated stimulus program to keep a slowing global economy from stalling, International Monetary Fund staff said in a report on Wednesday.
HP Inc. (HPQ) posted in-line quarterly results. HP reported its first-quarter earnings fell to $592 million, or 33 cents a share, from $1.37 billion, or 73 cents a share, a year earlier. On an adjusted basis, HP would have earned 36 cents a share. Revenue fell 12% to $12.2 billion.
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