Investing.com - The S&P 500 closed higher on Wednesday as tech and energy stocks rallied.
The Dow Jones Industrial Average rose 0.58%. The S&P 500 gained 0.69%, while the Nasdaq Composite added 0.69%.
Energy stocks powered the broader market higher thanks to a rally in oil prices on data showing domestic crude stockpiles unexpectedly fell. That eased concerns somewhat about a glut in global supplies.
Tech stocks were also in favor as traders continued to snap up FAANG stocks. Facebook (NASDAQ:FB), Amazon.com (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOGL) ended the day higher.
But stocks eased from highs as President Donald Trump downplayed expectations that a U.S.-China trade deal would be announced sooner rather later.
Trump told reporters at the White House that he was in "no rush" whatsoever to make deal with China.
"It’s got to be the right deal," he said. "It’s got to be a good deal for us, and, if it’s not, we’re not going to make that deal.”
Boeing (NYSE:BA), meanwhile, was volatile during the day, but eventually closed higher, snapping its 7-day losing streak even as Trump ordered the grounding of all 737 MAX 8 and 9 planes. The president's decision came on the heels of an announcement by Canada closing its airspace to the 737 Max based on data received today.
In other corporate news, streaming video company Roku (ROKU) slumped 14% after Wall Street turned bearish on the stock on concerns about rising competition from blue chip media companies like Walt Disney (NYSE:DIS) and AT&T (NYSE:T).
Macquarie downgraded Roku stock to neutral amid fears over a frothy valuation at a time when competition in ad-supported video on demand is heating up.
Cannabis producer Aurora Cannabis (NYSE:ACB) rallied after it hired Trian's Nelson Peltz as a strategic adviser to bolster its marketing strategy. And Oaktree Capital (NYSE:OAK) surged 12.3% after Brookfield Asset Management acquired a 62% stake in the company.
On the economic front, traders digested mixed economic data durable goods orders beat expectations, but producer-price inflation missed economists' forecasts.
In geopolitical news, U.K lawmakers voted by 312 to 278 to reject leaving the EU without a withdrawal agreement. That sets up another vote Thursday on whether to delay Brexit.
Top S&P 500 Gainers and Losers Today:
Take-Two Interactive (NASDAQ:TTWO), DaVita HealthCare (NYSE:DVA) and Nektar Therapeutics (NASDAQ:NKTR) were among the top S&P 500 gainers for the session.
Discovery (NASDAQ:DISCA), Viacom (NASDAQ:VIAB) and Martin Marietta Materials (NYSE:MLM) were among the worst S&P 500 performers of the session.