(CNBC) U.S. stocks closed higher on Wednesday, led by energy and financials, as investors parsed through a slew of economic data while watching surging oil prices.
The Dow Jones industrial average ended about 110 points higher, with Goldman Sachs, Boeing and Caterpillar contributing the most gains, after rising as much as 147.37 points.
"We think the market is getting accepting that rates are going to go higher," said Thomas Wilson, senior investment manager at Brinker Capital. "It's interesting because the market was at a point where good news was seen as bad by the market. I think the market is driving away from that, and that's good."
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The S&P 500 rose 0.4 percent, with financials and energy advancing more than 1 percent to lead advancers. The Nasdaq rose approximately 0.5 percent.