U.S. equities and stock exchange traded funds were stuck in range bound trading despite a rebound in energy shares.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were flat Wednesday.
Energy shares were among the biggest winners Wednesday, rising 1.5% in the S&P 500 as oil prices surged. West Texas Intermediate crude oil futures increased 3.6% to $47.5 per barrel after data showed U.S. crude stockpiles declined more than analysts expected last week, according to the Wall Street Journal.
U.S. equities, though, remain near record highs, supported by corporate earnings that exceeded analysts’ expectations and mostly beating estimates with the majority of S&P 500 companies now having reported results.
As the earnings season draws to a close, market observers are turning back to the Trump administration, arguing that the president will need to deliver on proposed changes like tax cuts if the market rally is to continue.