Stocks Closed Higher on Fed Rate Hikes

U.S. stocks closed higher on Thursday, as investors adjusted to the Federal Reserve’s plan for a faster path of interest-rate increases in 2017.The Dow Jones Industrial Average rose 59.71 points, or 0.30%, to 19,852.24. The S&P 500 was up 8.75 points, or 0.39%, to 2,262.03. The Nasdaq Composite gained 20.18 points, or 0.37%, to 5,456.85.

Oil prices reversed course to trade higher Thursday, buoyed by renewed confidence surrounding the recent oil-producer pact to cut. January West Texas Intermediate crude rose 34 cents, or 0.7%, to $51.38 a barrel. February Brent crude tacked on 49 cents, or 0.9%, to $54.39 a barrel.

Oracle Corp. (ORCL) reported earnings and revenue largely in line with analysts’ expectations. Oracle reported net income of $2 billion, or 48 cents a share, with profit moving up to $2.7 billion, or 61 cents a share.

Adobe Systems Inc. (ADBE) turned in quarterly earnings ahead of Wall Street’s estimates. Adobe reported fourth-quarter earnings rose to $399.6 million, or 80 cents a share, from $222.7 million, or 44 cents a share, a year earlier. Revenue grew to $1.61 billion from $1.31 billion.