Stocks Closed Higher on Upbeat Economic Data

U.S. stocks closed higher on Thursday as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year. The Dow Jones Industrial Average rose 54.65 points, or 0.21%, to 26,439.93. The S&P 500 gained 8.03 points, or 0.28%, to 2,914.00. The Nasdaq Composite advanced 51.60 points, or 0.65%, to 8,041.97.

Oil climbed on Thursday, with the global benchmark’s price notching another four-year high at the settlement, as U.S. officials said the sale of domestic reserves wouldn’t be used to undercut a rally in crude. November West Texas Intermediate crude rose 55 cents, or 0.8%, to settle at $72.12 a barrel. November Brent rose 38 cents, or 0.5%, to $81.72 a barrel.