Stocks end mostly higher as oil rises

U.S. stock indexes closed mostly higher Wednesday after a sharp increase in crude oil prices helped drive market-leading gains for energy companies. Banks and other financial stocks declined the most.

The Dow Jones industrial average ended down, while the Standard & Poor’s 500 index and Nasdaq composite had modest gains.

Bond prices rose. The 10year Treasury yield fell to 2.39% from 2.42%.

The market got a dose of encouraging economic data when the National Assn. of Realtors said more people signed contracts to buy U.S. homes last month. The group’s pending home sales index climbed 5.5% in February to 112.3, its highest point since April and second-highest since 2006.

Investors are hoping that Congress and the White House will enact tax cuts and other business-friendly policy proposals that President Trump promised during his campaign. But some of that optimism dimmed recently after a GOP healthcare overhaul bill failed to attract enough votes.

Investors also had their eye on earnings news.

RH, formerly Restoration Hardware, climbed 14.9% to $43.68 the day after the home furnishings and decor retailer reported stronger earnings.

Verint Systems jumped 10% to $43.50 after the software company reported better-than-expected quarterly results.

Dave & Buster’s Entertainment fell 3.4% to $60.09 after the arcade and restaurant chain announced disappointing sales at older locations.

Depomed slid 3.1% to $13.79 after the drugmaker issued disappointing firstquarter sales guidance and replaced its chief executive and two board members to resolve a dispute with investment firm Starboard Value.

Vertex Pharma soared 20.5% to $108.01 after the drugmaker disclosed results from two studies of a new cystic fibrosis treatment.

Meanwhile, Exar surged 22.3% to $12.99 after MaxLinear agreed to buy the chip maker for $13 a share, or $662 million. MaxLinear rose 5.8% to $28.06.

The dollar fell to 111.07 yen from 111.09 yen. The euro fell to $1.0759 from $1.0808.

Oil prices rose after Iran’s oil minister said that the recent production cut deal will probably be extended, and that fighting in Libya is affecting its oil industry.

Benchmark U.S. crude oil futures rose 2.4% to $49.51 a barrel. Brent crude rose 2.1% to $52.42 a barrel. Natural gas rose 8 cents to $3.18 per 1,000 cubic feet, wholesale gasoline rose 4 cents to $1.67 a gallon and heating oil rose 3 cents to $1.54 a gallon.

Gold fell $1.90 to $1,253.70 an ounce. Silver held steady at $18.25 an ounce. Copper was flat at $2.68 a pound.