Stocks Closed Higher after Trump News Conference

U.S. stocks closed higher on Wednesday, with the Nasdaq notching its fifth straight record close, following President-elect Donald Trump’s press conference. The Dow Jones Industrial Average rose 98.75 points, or 0.50%, to 19,954.28. The S&P 500 was up 6.42 points, or 0.28%, to 2,275.32. The Nasdaq Composite gained 11.83 points, or 0.21%, to 5,563.65.

Oil futures settled with a gain of nearly 3% Wednesday, buoyed by signs of Saudi compliance with the output cut agreement. February West Texas Intermediate crude rose $1.43, or 2.8%, to settle at $52.25 a barrel. March Brent crude advanced $1.46, or 2.7%, to $55.10 a barrel.

Volkswagen AG has agreed to a $4.3 billion settlement to resolve the U.S. government’s civil and criminal investigations into the German automaker’s diesel emissions cheating, according to documents made public Wednesday.

Bank of England Governor Mark Carney signaled he could raise banks’ capital requirements as early as this summer should the U.K.