Stocks Closed Higher, Lifted by Oil Rally

U.S. stocks closed higher on Wednesday, led once more by the direction of the price of oil and energy sector shares. The Dow industrials rose 36.26 points, or 0.21%, to 17000.36. The S&P 500 added 10.00 points, or 0.51%, to 1,989.26. The Nasdaq Composite gained 25.55 points, or 0.55%, to 4,674.38.

Oil prices rose as much as 5 percent on Wednesday, with U.S. crude hitting three-month highs after a big gasoline inventory drawdown amid improving demand overshadowed growing record high crude stockpiles.Brent crude futures (LCOc1) settled up $1.42, or about 4 percent, at $41.07 a barrel. U.S. crude futures (CLc1) finished up $1.79, or 5 percent, at $38.29 a barrel after hitting a three-month high of $38.51.

The bull market celebrates its seventh birthday today. Investors with the guts to ride this bull market since it first emerged on March 9, 2009 have seen the value of stocks rise $16 trillion, according to market research firm Wilshire Associates.

Square, the mobile payments company, reported a wider loss than it had a year ago and posted a 49 percent revenue increase on Wednesday, in its first earnings report as a public company.The company reported a loss of $80.5 million, or 34 cents a share, for the fourth quarter, compared with a loss of $37.1 million, or 25 cents a share, a year earlier. Sales totaled $374 million.

United Airlines is adding a seat to each economy row on several of its Boeing 777s, going from nine seats across to 10. Consider this just the latest in the airline industry’s constant march toward adding as much capacity as possible.

Valeant Pharma (NYSE: VRX) announced that Dr. Fred Eshelman, Mr. Stephen Fraidin and Mr. Thomas W. Ross, Sr. have joined its Board of Directors as independent directors, effective March 8, 2016.