Closing Update: Markets Rise for Third Day, Lifting S&P 500 Back to Positive Ground for 2015

Stocks rose for a third day on Wednesday, after crude oil continued its recovery from 11-year lows, lifting energy stocks to big gains. Today's advance on the final full session this week before the Christmas holiday also was supported by largely positive economic data, including a rise in consumer sentiment and an increase in personal income and consumption.

All 10 industry sectors in the S&P 500 finished higher, with the index turning positive again for 2015 as shares of mining and material companies joined energy stocks with strong moves to the upside after copper futures also surged amid more comments from China on economic stimulus and a reduction in excess industrial capacity. Financial and utility stocks also outpaced the broader markets as investors apparently sought out rising yields in addition to bargain-shopping following last week's outsized declines.

Crude oil for February delivery settled $1.36 higher at $37.50 per barrel, extending morning gains after the federal government's weekly inventory report showed a larger-than-expected decline last week while February natural gas futures jumped 10 cents higher to $2.04 per 1 million BTU. February gold slipped $5.80 per ounce but March copper climbed 16 cents to $2.13 per pound.

Here's where the U.S, markets stood at the end of day:

Dow Jones Industrial Average up 185.34 (+1.06%) to 17,602.61

S&P 500 25.32 (+1.24%) to 2,064.29

Nasdaq Composite Index 44.82 (+0.90%) to 5,045.93


Hang Seng Index up 0.96%

Shanghai China Composite Index down 0.43%

FTSE 100 Index up 2.60%


(+) ADMS, ADS-5102 drug candidate meets primary endpoint during Phase III testing, showing statistically significant drop in levodopa-induced dyskinesia in patients with Parkinson's disease compared with placebo after 12 weeks.

(+) ROVI, Renews seven-year patent license agreement with AT&T ( T ) to provide entertainment content to the telecom. Deal also extends existing product agreements between the companies.

(+) CNIT, Regains compliance with the minimum bid price requirement for continued listing on NASDAQ Global Select Market after maintaining a closing bid price of $1 or more between Nov. 27 to Dec. 21.


(-) NWBO, Prices $12.6 mln direct offering of 3.5 mln shares at $3.60 each, a 19% discount to Tuesday's closing price for the stock. Deal also includes five-year warrants to buy up to buy 1.75 mln shares exercisable at $4.50 a share.

(-) GBSN, Sells 2.724 mln units consisting of one share of Series E convertible preferred stock and eight Series C warrants, each convertible into four shares of common stock and exercisable at $2.55 a share.

(-) BBOX, Chief Executive Michael McAndrew announces plans to leave company as soon as a successor can be identified and hired.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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