LONDON: U.S. stocks closed higher on Wednesday as shareholders await for Thursday’s policy-setting meeting by the European Central Bank.
Reports that the ECB was considering a new stimulus package that largely met investor expectations gave stocks a boost earlier in the session. Investors are now looking to see if the ECB will decide to take a more aggressive stance at Thursday’s meeting.
Also giving support to stocks was a rise in oil prices, traders said.
The Dow Jones Industrial Average rose 39.05 points, or 0.2%, to 17554.28. The S&P 500 gained 9.57 points, or 0.5%, to 2032.12. The Nasdaq Composite Index advanced 12.58 points, or 0.3%, to 4667.42.
Stocks rose for the third day in a row. They swung throughout the session, with the Dow trading in a roughly 204-point range.
“We get all worked up about a 100-point move in the Dow these days because in the last five years we’ve had a calm, complacent market,” said Viren Chandrasoma, managing director of equity trading at Credit Suisse Group AG.
“In the last few months, you’ve seen not crazy volatility but more of a return to normal,” he added.
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