Stocks Ended Higher on Strong Economic Data

U.S. stocks ended higher on Wednesday, as technology stocks climbed amid indications of robust economic growth in the United States and overseas. The Dow Jones Industrial Average rose 98.67 points, or 0.40%, to 24,922.68. The S&P 500 gained 17.25 points, or 0.64%, to 2,713.06. The Nasdaq Composite added 58.63 points, or 0.84%, to 7,065.53.

Oil rallied Wednesday to a close at a nearly three-year high as antigovernment protests rattled Iran, raising concerns over the potential for disruptions to crude output from OPEC’s third-largest producer. February West Texas Intermediate crude added $1.26, or 2.1%, to settle at $61.63 a barrel. March Brent gained $1.27, or 1.9%, to end at $67.84 a barrel.

U.S. manufacturing expanded in December at the fastest pace in three months, as gains in orders and production capped the strongest year for factories since 2004, the Institute for Supply Management said Wednesday. Factory index climbed to 59.7 (est. 58.2) from 58.2 a month earlier; readings above 50 indicate expansion.

U.S. Federal Reserve policymakers showed worry over the fate of currently low inflation and saw recent tax changes as providing a boost to consumer spending, according to the minutes of the U.S. central bank’s last policy meeting on Dec. 12-13 released on Wednesday.