Higher oil prices and increased acceptance of a likely Fed rate hike helped stocks extend gains from Tuesday's session. Bobbi Rebell reports.
Stocks plowed higher on Wednesday. Rising oil prices lifted energy shares. Bank shares rising again as investors get comfortable with the prospect of an interest rate hike soon. Scott Hanson of Hanson McClain Advisors: (SOUNDBITE) SCOTT HANSON, CEO, HANSON MCCLAIN ADVISORS, (ENGLISH) SAYING: "It looks like a Fed rate increase is coming right now, so, I think, maybe people are saying, perhaps this isn't something we should be worried about. Maybe it's actually a good sign. Perhaps the economy is growing." More momentum in housing: Home prices rose 6.1 percent in March. That comes on the heels of a report showing home sales surged to an eight-year high. Hewlett Packard Enterprise one of the day's top gainers on the S&P 500. The company said it'll merge its enterprise business with Computer Sciences Corp. CSC's shares climbed even higher than HPE. Tiffany's quarterly sales dropped, the steepest fall since the financial crisis. Several analysts took down their price targets on the luxury retailer. Alibaba's shares falling after the Chinese e-commerce giant said U.S. regulators are investigating its accounting practices. Microsoft shares rose after the software company said it'll cut 1850 more jobs in its declining smartphone business and write down nearly a billion dollars. But the company insisted it's not hanging up on the phone business. In Europe, it was much the same with bank and oil shares driving stocks higher.