Stocks Closed Higher, Boosted by Energy Sector and Morgan Stanley

U.S. stocks closed higher on Wednesday, boosted by a rally in the energy sector and stronger-than-expected quarterly results from Morgan Stanley. The Dow Jones Industrial Average rose 40.68 points, or 0.22%, to 18,202.62. The S&P 500 gained 4.69 points, or 0.22%, to 2,144.29. The Nasdaq Composite edged up 2.58 points, or 0.05%, to 5,246.41.

Oil futures rallied Wednesday, with the U.S. benchmark settling at a roughly 15-month high after U.S. government data revealed a surprise drop in crude stockpiles—the sixth decline in seven weeks. November West Texas Intermediate crude gained $1.31, or 2.6%, to settle at $51.60 a barrel. December Brent crude rose 99 cents, or 1.9%, to $52.67 a barrel.

The U.S. economy is continuing to meander along, a report released Wednesday showed. The Federal Reserve’s so-called Beige Book, a collection of anecdotes about the economy gathered before the central bank makes interest-rate decisions, said the U.S. economy in most of the country grew at a modest to moderate rate.

Alphabet unit Google has reached an agreement with CBS to carry the network on its web TV service and is in talks with 21st Century Fox and Viacom Inc to distribute its channels, three sources told Reuters on Wednesday.

EBay Inc (EBAY) forecast quarterly revenue and profit for the crucial holiday shopping season largely below market estimates. The company forecast revenue of $2.36 billion to $2.41 billion and adjusted profit from continuing operations of 52-54 cents per share for the current quarter.

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