Investing.com – U.S. stocks closed higher on Wednesday, as investors parsed a written testimony from former FBI chief James Comey ahead of his appearance before the intelligence committee on Thursday while a slump in energy capped gains.
U.S. stocks advanced, following the release of James Comey’s full written testimony, despite it revealing that President Trump had asked him to drop an investigation of former national security adviser Michael Flynn.
In written testimony, Comey quoted Trump as telling him: "I hope you can see your way clear to letting this go, to letting Flynn go."
Comey is set to deliver his testimony in person at a hearing by the intelligence committee on Thursday.
A slump in energy had weighed on overall performance earlier during the session, as oil prices tumbled 5%, after data on Wednesday showed that supplies of U.S. crude rose for the first time in nine weeks, adding to concerns that rising U.S. oil output would undermine Opec and its allies’ efforts to curb supply.
On the New York Mercantile Exchange crude futures for June delivery fell 5.1% to settle at $45.72 a barrel.
In corporate news, shares of Coca-Cola Company (NYSE:KO) closed 1% lower, after BMO’s Amit Sharma and Drew Levine downgraded the stock, mentioning in a note to clients that they are “re-rating [their] coverage to shift focus to stocks with upside potential”
The higher close for U.S. stocks comes a day ahead of what is expected to be one of the busiest trading sessions of the quarter – as well as Comey’s testimony on Thursday, investors will contend with the UK election and an interest rate decision from the European Central Bank.
The Dow Jones Industrial Average notched closed at 21,173.69. The S&P 500 gained 0.16% while the Nasdaq Composite closed at 6297.38, up 0.36%
The ‘Bulls and Bears’ on Wall Street
The top Dow gainers for the session: Nike Inc (NYSE:NKE) up 1.4%, UnitedHealth Group Incorporated (NYSE:UNH) up 1.3%, while American Express Company (NYSE:AXP) rose 1.2%.
Coca-Cola Company (NYSE:KO) down 1%, Caterpillar Inc (NYSE:CAT) down 1% and Merck & Company Inc (NYSE:MRK) down 0.9%, were among the worst Dow performers of the session.