Stocks Closed at 2016 Highs as Oil Surged

U.S. stocks closed higher on Wednesday, with the Dow Jones industrial average at its highest since July 2015, as a turnaround by oil futures and upbeat housing data provided support. The Dow Jones Industrial Average advanced 42.67 points, or 0.2%, to 18,096.27. The S&P 500 was up 1.60 points, or 0.1%, to 2,102.40. The Nasdaq Composite climbed 7.8 points, or 0.2%, to 4,948.13.

Oil futures settled Wednesday at another high for the year, after U.S. government data showed a fall in weekly domestic crude production for a sixth straight week. West Texas Intermediate crude oil for May tacked on $1.55, or 3.8%, to settle at $42.63 a barrel.June Brent crude rose $1.77, or 4%, to $45.80 a barrel.

U.S. home resales rebounded more than expected in March as supply improved, suggesting the housing market recovery remained intact despite signs that economic growth probably stalled in the first quarter. The National Association of Realtors said on Wednesday that existing home sales surged 5.1 percent to an annual rate of 5.33 million units last month.

American Express (AXP) reported earnings on Wednesday that beat on both the top and bottom line. The credit card company posted earnings per share of $1.45 on $8.09 billion in revenue.

Qualcomm reported on Wednesday its financials for the previous fiscal quarter. The chipmaker reported a fiscal second-quarter net income of $1.2 billion, or $1.04 cents a share. Revenue landed in at $5.5 billion.