(CNBC) — U.S. stocks closed higher on Wednesday, with consumer discretionary and materials leading, as investors digested the Federal Reserve’s December meeting minutes.
The Dow Jones industrial average added about 60 points, with IBM contributing the most gains, putting it within 100 points of 20,000. The Nasdaq composite advanced about 0.9 percent.
The S&P 500 gained around 0.6 percent and briefly broke above its previous closing high, with consumer discretionary and materials rising more than 1 percent. “That shows that people are bottom-fishing,” said Kim Forrest, senior equity analyst at Fort Pitt Capital. “Those retail stocks have gotten way oversold recently.”