Global Stocks: U.S. stock indices extended gains

U.S. stock indices rose on Wednesday as energy stocks rebounded.

The Dow Jones Industrial Average rose 185.34 points, or 1.1%, to 17,602.61. The S&P 500 gained 25.32 points, or 1.2%, to 2,064.29 (all of its 10 sectors closed higher; the energy sector rose 4.2%). The Nasdaq Composite added 44.82 points, or 0.9% to 5,045.93.

Oil prices rose boosting stocks of energy companies after the Energy Information Administration reported an unexpected 5.9 million barrel decline in U.S. crude oil inventories.

Data from the Department of Commerce showed that durable goods orders were unchanged in November, but the business investment indicator improved. Economists had expected durable goods orders to decline by 0.6% after the 2.9% increase in October.

Another report by the Department of Commerce showed that personal income rose by 0.3% in November after a 0.4% rise in October. Meanwhile personal spending rose by 0.3% after being unchanged in the previous month. Economists had expected income to grow by 0.2% and spending by 0.3%.

This morning in Asia Hong Kong Hang Seng rose 0.44%, or 97.54, to 22,138.13. China Shanghai Composite Index dropped 1.22%, or 44.40, to 3,591.69. The Nikkei declined 0.46%, or 86.03, to 18,800.67.

Asian stock indices traded mixed with China leading declines after authorities introduced tighter disclosure requirements for companies buying stakes in listed companies.

The yen's strength weighed on Japanese exporters.