(CNBC) — U.S. stocks closed higher Wednesday amid earnings and stabilization in oil prices.
The Dow Jones industrial average briefly added more than 100 points in afternoon trade to hit its highest since June 23, 2015.
Stocks are rising with "people putting money to work during earnings season, continued short covering and more of a risk-on sentiment around the world right now," said Peter Coleman, head trader at Convergex. He noted some support for stocks from the rise in oil prices, but pointed out the correlation has declined recently.
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