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Stocks, oil prices hit highs as investors wind down 2010
Markets close higher as oil passes $90Â
Â
Stocks climbed to hit fresh two-year highs Wednesday, as investors began to pack up for the holidays and prepare for 2011.
The Dow Jones industrial average added 26 points to end 0.2% higher at 11,559.49 - its highest level since August 28, 2008.
The S&P 500 added 0.3% to end at its highest level since September 19, 2008. Meanwhile the tech-heavy Nasdaq ticked up 0.2% to its highest settle
since December 28, 2007.
The S&P 500 and the Nasdaq have posted gains for 14 of the month's 16 trading sessions so far. All three major indexes are positioned for double-digit gains for the year.
Oil prices were in the spotlight Wednesday after a weekly report showed
crude stockpiles dropped by 5.3 million barrels last week. The report sent
crude prices up to settle at about $90.48 a barrel. Oil prices haven't settled
above $90 a barrel since October 2008.
Oil settles above $90, copper risesÂ
Â
Oil prices passed the $90 a barrel mark on Wednesday after news that the nation's crude oil supply fell more than expected last week. They settled at about $90.48 a barrel.
Crude inventories fell by a higher-than-expected 5.3 million barrels from the week prior. Analysts surveyed by energy research firm Platts had expected the stockpile to fall by 2.4 million barrels. Oil prices haven't settled above $90 a barrel since October of 2008.
Copper prices also hovered near record highs. The metal is up nearly 30%
this year. Copper prices, unlike prices of precious metals, usually move up and down in line with economic growth. Spikes in silver and gold often are more tied to inflation concerns than actual demand for those metals.
Wednesday's spike in copper was due to a disruption of shipping from the world's third largest copper mine, as well as expectations of rising investment demand, said Catherine Virga, director of research at CPM Group.
Light volume stalls Treasuries
Treasury prices ticked slightly lower Wednesday after reports on U.S. gross domestic product and home sales failed to move the market amidst extremely light volume.
Before the market open, the Commerce Department said the economy grew 2.6% in the third quarter - slightly more than the 2.5% previously reported.
And after the opening bell, National Association of Realtors' monthly report said sales of previously owned homes jumped 5.6% in November to an annual rate of 4.68 million. The rate was down 27.9% from 12 months earlier, but still better than expected.
But market movements were muted as investors worked to shore up end-of-the-year positions and lock in gains.
 - CNNMoney.com reporters Julianne Pepitone, Charles Riley and Laurie Segall contributed to this report.
On Twitter
I pray that the Lord Jesus will forgive me by His blood; cleanse me of every word of my every deed.
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what can we do when, max 10 years from now, the oil will rise to $200-300 or more per barrel ???
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http://x.co/EGXP
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Lord Jesus, cleanse me of every mis-deed.
Forgive me, i pray!
Lord Jesus, forgive me for my iniquity.
@hopper, you can keep praying all you want, i just wonder what you did?? Pray to god on ur knees and in ur own privacy, why we gotta read them? God aint here!! And chances are you wont get a response from him here!
@Baffled: An angel told me you will live to 96 years old, and then your soul will ascend onto heaven. @Clem K'diddle-Hopper: You are dammed to burn in hell, unless you keep asking for forgiveness on-line here at the CNN bloggs as you have been-but that's maybe on the forgiveness, or at least St. Peter might scrap off a few years.
Keep praying the lord almighty sleeps on it. the rich will only get greedier until the only thing the majority of mankind afford is a pray.
Oil prices will rise investors will get rich the market will be manipulated the poor will pay
I think the us should just apply for welfare after all we do have a black prez now
@cesar wow! Just wow! Wonder who that angel might have been?? And I wonder why??
...is going to welfare office!!! I need government assistance for gas!!!!!!