Stocks Finished Higher on Strong Data

U.S. stocks closed higher on Wednesday, on the back of strong economic data and a rally in oil prices. The Dow Jones Industrial Average rose 112.58 points, or 0.62%, to 18,281.03. The S&P 500 added 9.24 points, or 0.43%, to 2,159.73. The Nasdaq Composite rose 26.36 points, or 0.50%, to 5,316.02.

New orders for U.S. factory goods increased slightly in August, a further sign that the manufacturing sector is beginning to regain some steam. The Commerce Department said on Wednesday that new orders for manufactured goods rose 0.2 percent after a downwardly revised 1.4 percent increase in July.

Oil futures finish higher Wednesday, after U.S. government data showed that crude stockpiles fell unexpectedly, for a fifth-straight week. November WTI crude rose $1.14, or 2.3%, to settle at $49.83 a barrel. Brent crude tacked on 99 cents, or 2%, to end at $51.86 a barrel.