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Wall Street ended less than 2 percent short of a record-high close on Wednesday as a rebound in oil prices added to optimism sparked by a raft of earnings reports.
Driven 15 percent higher since
mid-February by a recovery in weak oil prices and helped by a softer dollar,
the S&P 500 stood less than 30 points below last May's all-time peak.
Weighed down by the energy sector, first-quarter earnings at S&P 500 companies are expected to have slumped 7.5 percent on average, according to Thomson Reuters I/B/E/S.
Due to the market's recent oil-fueled
gains and the tempered outlook for corporate profits, the S&P 500 is
trading at about 17.8 times expected earnings, its most expensive level since
2004, according to Thomson Reuters Datastream.
Crude on Wednesday gained about 2
percent after a report showed U.S. inventories grew less than expected last
week.
Five of the 10 major
S&P sectors rose, led by an 0.89 percent rise in financials and an 0.8
percent increase in energy.
The S&P 500 index showed 25 new
52-week highs and no new lows, while the Nasdaq recorded 56 new highs and 16
lows.
About 7.5 billion shares changed hands
on U.S. exchanges, above the 6.7 billion daily average for the past 20 trading
days, according to Thomson Reuters data.
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