Investing.com – U.S. stocks closed mixed on Wednesday, as investors mulled over President Trump’s unexpected decision to fire FBI director James Comey while energy stocks received a boost after oil prices surged.
In what a subdued day of trade, investors’ attention turned to Trump’s abrupt dismissal of FBI Director, James Comey, as some questioned whether it would prove a distraction and cause a delay to the Trump administration’s economic agenda, which includes tax reform and deregulation.
Elsewhere, investors cheered a rally in oil prices, on the back of a bullish weekly report from the Energy Information Administration.
On the New York Mercantile Exchange crude futures for June delivery gained 3.2% to settle at $47.33 a barrel.
In corporate news, financials, mainly banks, continued to make strong gains amid expectations of a boost in net interest margin, as expectations for a June rate hike remained elevated.
Bank of America, Goldman Sachs and JPMorgan, ended the session in positive.
According to investing.com’s Fed rate monitor tool, nearly 80% of traders expect the Federal Reserve to hike interest rates in June, compared to 63% in the previous week.
Meanwhile, on the political front, experts downplayed a threat Tuesday from North Korea ambassador to the UK, after he said that the country will proceed with its sixth nuclear test.
In corporate earnings news, investors look ahead to quarterly earnings from Snap, 21 Century Fox and Whole Foods.
The Dow Jones Industrial Average at 20,942.26 down 0.16%. The S&P 500 closed roughly flat while the Nasdaq Composite closed at a record high of 6129.14
The ‘Bulls and Bears’ on Wall Street
The top Dow gainers included; Chevron Corporation (NYSE:CVX) up 1.3%, Caterpillar Inc (NYSE:CAT) up 1%, while Merck & Company Inc (NYSE:MRK) added 1%.
Walt Disney Company (NYSE:DIS) down 2.3%, Bank of America Corporation (NYSE:BAC) down 1.3% and Intel Corporation (NASDAQ:INTC) down 1.1%, were among the worst Dow performers of the session.