U.S. stocks climbed Wednesday as investors continued to recover some confidence in the health of the global economy. That sent oil prices higher and gave energy companies a boost, while materials companies also climbed higher.
ON WALL STREET: At the close, the Dow Jones industrial average was up 145.5 points, nearly 1 percent, to 17,851.5. The Standard & Poor‘s 500 index gained nearly 14.5 points, about 0.7 percent, to 2,090.5. The Nasdaq composite index added 33.8 points, about 0.7 percent, to 4,894.9. Tuesday was the biggest gain for stocks in more than two months.
OIL PRICES: As markets closed, benchmark U.S. crude gained$1.09 cents to $49.71 a barrel on the New York Mercantile Exchange. In London, Brent crude, used to price international oils, was up $1.27 cents at $49.88 a barrel.
TECH TIE-UP: HP Enterprise said it will sell its business service unit to CSC for $8.5 billion. HP Enterprise, which was formed when Hewlett-Packard split in two last year, will focus on selling tech products to big organizations, like hardware and software for data centers. Hewlett Packard Enterprise rose $1.66, or 10.2 percent, to $17.91 and Computer Sciences surged $12.27, or 34.4 percent, to $47.92.
PLANTING SEEDS: German conglomerate Bayer said it‘s committed to completing its acquisition of Monsanto. Monsanto rejected a $62 billion offer from Bayer but said Tuesday that it‘s open to talks, and its stock gained $3.13, or 2.9 percent, to $112.43. Bayer‘s offer valued Monsanto at $122 per share.