Stocks Ended Higher amid Reopenings Hopes

U.S. stocks ended higher on Wednesday, following upbeat quarterly results from retailers, as investors focused on American businesses reopening with the coronavirus pandemic beginning to recede. The Dow Jones Industrial Average rose 369.04 points, or 1.52%, to 24,575.90. The S&P 500 gained 48.67 points, or 1.67%, to 2,971.61. The Nasdaq Composite advanced 190.67 points, or 2.08%, to 9,375.78.

Oil futures climbed on Wednesday to finish at their highest in about 10 weeks on the back of a second-straight weekly decline in domestic crude supplies and a drop in stocks at the Cushing, Okla. storage hub. July West Texas Intermediate oil rose $1.53, or 4.8%, to settle at $33.49 a barrel. Brent crude for July delivery picked up $1.10, or 3.2%, at $35.75 a barrel.

The Federal Reserve released the minutes for its April 28 through April 29 policy meeting, during which the central bank decided to hold benchmark interest rates near zero.