US stocks close higher, Nasdaq and S&P 500 hit record highs

US stocks gained on Wednesday, lifted by positive news about the coronavirus showing signs on slowing down, and larger gains in the tech sector following the release of upbeat data.

Data showed today that the US PPI reading for January rose by 0.5%, the highest monthly rise since October 2018, and building permits rose to the highest since 2007.

China revealed that the coronavirus infections started to slow down, the World Health Organization praised Beijing's efforts in containing the outbreak.

The minutes of the latest Federal Reserve's meeting in January showed the FOMC members were confident in the US economic growth rate, and prefer to hold rates for a prolonged period of time.

To the oil market, WTI crude gained 2.4% to close at $53.29 a barrel, after it hit a day high of $53.4 and a low of $51.9.

Brent rose by 2.4% to $59.12 a barrel, with a high of $59.4 and a low of $57.5.

As for stocks, Dow Jones rose 0.4% or 116 points to settle at 29,348, and hit an intraday high 29,409 and a low 29,274.

Nasdaq jumped 0.8% or 84 points to 9,817 points, with a high of 9,838 and a low of 9,777 points.

S&P 500 rose by 0.5% or 16 points to close at 3,386 with a high of 3,393 and a low of 3,378.