Stocks close higher despite decline in energy shares

U.S. stock indexes closed slightly higher Wednesday as gains in banks were partly outweighed by a slump in energy companies after written testimony from former FBI director James Comey did not add major revelations about an investigation into Russian meddling with last year’s U.S. presidential election.

Technology stocks also rose.

Retailer Duluth Holdings slumped after reporting disappointing earnings.

Crude oil prices fell sharply following an unexpected buildup in supplies last week. That helped send energy stocks lower, including rig operator Transocean.

The Standard & Poor’s 500 index rose 4 points, or 0.2 percent, to 2,433.

The Dow Jones industrial average gained 37 points, or 0.2 percent, to 21,174. The Nasdaq composite increased 22 points, or 0.4 percent, to 6,297.

Bond prices fell. The yield on the 10-year Treasury rose to 2.18 percent.

Comey’s testimony Thursday before the Senate intelligence committee will be his first public comments since he was abruptly ousted by President Donald Trump on May 9. The former director’s associates say Trump asked Comey if he could back off an investigation into Michael Flynn, who was fired as national security adviser because he misled the White House about his ties to Russia.

The dollar declined to 109.28 yen from Tuesday’s 109.39 yen. The euro retreated to $1.1262 from $1.1278.

With Reuters