Stocks Ended Higher, Led by Energy Shares

U.S. stocks ended higher on Wednesday, with the energy stocks leading the advances, as crude oil prices rose after data from the U.S. Energy Information Administration showed inventories fell by 10 million barrels last week. The Dow Jones Industrial Average rose 258.20 points, or 1.00%, to 26,036.10. The S&P 500 added 18.78 points, or 0.65%, to 2,887.94. The Nasdaq Composite gained 29.94 points, or 0.38%, to 7,856.88.

Oil futures posted a gain on Wednesday, after U.S. government data reported a weekly drop in U.S. crude supplies—the largest in five weeks—along with declines in petroleum products, which helped to ease concerns about a slowdown in demand. West Texas Intermediate crude for October delivery rose 85 cents, or 1.6%, to settle at $55.78 a barrel. October Brent crude added 98 cents, or 1.7%, at $60.49 a barrel.

Okta Inc. (OKTA), the identity and access management company, reported second-quarter results that beat Wall Street estimates. The San Francisco-based company reported a non-GAAP net loss of $5.5 million, or 5 cents a share. Revenue rose 49% year-over-year to $140.5 million.