Stocks in the US closed on a high note on Wednesday (April 15th), and a main highlight of the day's trading was energy.
Crude oil ended the day 5.28 per cent up, bringing the cost per barrel up to $56.39 (£37.79) – it's highest close of the year. Other commodities also did well – Gold futures finished $8.70 up, at $1,201.30 per ounce.
"The big highlight for today is energy," Paul Nolte, portfolio manager at Kingsview Asset Management told CNBC. He added that the earnings numbers are better than expectations and "the economic data is keeping the Fed on the sidelines".
As crude oil hit its highest level in 2015, the energy sector rose more than two per cent to lead the S&P 500 for a second day. Oil also extended gains after the US Energy Information Administration (EIA) reported an increase of 1.3 million barrels in weekly inventories – less than expected.
Phil Flynn, energy market analyst at the Price Futures Group called the EIA's numbers "bullish".
He added: "It indicates stronger demand and the smaller crude build may be a sign that US production is peaking. This comes after the [International Energy Agency's] report that shows a notable increase in demand."
Investors also welcomed the positive corporate reports. The Nasdaq closed above the key 5,000 level and the Russell 2000 closed at a new high.
In addition, the Dow Jones industrial average gained more than 100 points, thanks to the four per cent gain in Intel.
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