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U.S. stocks rallied on Thursday, sending the S&P 500 to its highest close this year and within shouting distance of the record close reached on Dec 29.
The S&P 500 SPX, +0.96% added 19.95 points, or 1%, to 2,088.48, with eight of its 10 sectors finishing higher. Among them, materials, technology and energy sectors stocks led the gains, while utilities and telecoms were the only laggards.
Prices for March gasoline RBH5, +1.01% tacked on 5.2 cents to $1.596 a gallon, while March heating oil HOH5, +1.05% settled at $1.914 a gallon, up almost 10 cents.
March natural gas NGH15, +0.52% fell 8.4 cents, or 3%, to end at $2.713 per million British thermal units.
Platinum for April delivery PLJ5, +0.50% rose $4.90 to end at $1,200.50 an ounce, while March palladium PAH5, +0.49% climbed by $7.10 to $773.65 an ounce. High-grade copper for March delivery HGH5, +0.58% added 6 cents, or 2.4%, to $2.602 a pound.
Oil futures settled higher on Thursday as an agreement to halt months of deadly fighting in Ukraine helped ease concerns over Russian oil demand, but the continuing supply glut in the U.S. kept price gains in check.
Crude-oil futures for delivery in March CLH5, +0.76% rose $2.37, or 2.4%, to settle at $51.21 a barrel on the New York Mercantile Exchange.
Gold prices posted its first gain in three sessions, albeit a modest one, following a pullback for the U.S. dollar, disappointing economic data and news of strong demand for the metal in the fourth quarter of last year.
Gold for April delivery GCJ5, +0.56% rose $1.10, or 0.1%, to settle at $1,220.70 an ounce on Comex. Prices had fallen by nearly $22 in the past two trading sessions.