Dow Industrials and S&P 500 Ended at Records

U.S. stocks ended firmly higher on  Wednesday, as the Dow Jones Industrial Average and S&P 500 closed at record highs, helped by gains in technology stocks. The Dow gained 297.84 points, or 1.55%, to 19,549.62. The S&P 500 climbed 29.12 points, or 1.32%, to 2,241.35. The Nasdaq Composite rose 60.76 points, or 1.14%, to 5,393.76.

Oil futures settled at their lowest level in a week Wednesday after U.S. government data revealed a weekly decline in crude stockpiles. January West Texas Intermediate crude lost $1.16, or 2.3%, to settle at $49.77 a barrel. February Brent crude shed 93 cents, or 1.7%, to $53 a barrel.

Growth of consumer borrowing continued in October but at the slowest pace since June, suggesting there may be limits on how much debt consumers are willing to take on. Total consumer credit increased $16 billion in October to a seasonally adjusted $3.7 trillion, posting an annual growth rate of 5.1%, the Federal Reserve reported Wednesday.

President-elect Donald Trump intends to nominate Oklahoma Attorney General Scott Pruitt to head the Environmental Protection Agency, according to multiple news reports.