U.S. Markets

The bull market, which reached a record high a year ago, seems to have petered out, writes Mark Hulbert.

U.S. stocks are poised to extend gains for a second session on Wednesday, supported by energy and materials shares.

Edison International late Wednesday said Theodore Craver Jr., chairman, president and chief executive officer of Edison International, is retiring on Sept. 30, 2016. Craver's retirement is in keeping with the company's practice of its CEOs stepping down on reaching the age of 65, it said. Craver will be succeeded by Pedro Pizarro, president of Southern California Edison, as CEO and William Sullivan, an independent director, will become non-executive chair. Shares of Edison were unchanged in extended trading after the stock slipped 0.2% to close at $69.77 during the regular session.

Financial markets in the U.S. will be closed on Monday for the observance of Memorial Day, in honor of men and women who died while serving in the U.S. military.

Beaten-down sectors are leading the charge in the recent rally, suggesting that active managers are rotating heavily weighted, underperforming sectors, and that trend could continue as volumes remain low into the holiday weekend.

U.S. stocks closed higher for a second day in a row Wednesday as oil prices jumped on a reported crude inventories decline. The Dow Jones Industrial Average surged 145.46 points, or 0.8%, to close at 17,851.51. The S&P 500 Index advanced 14.48 points, or 0.7%, to finish at 2,090.54, led by gains in the energy and materials sectors. The Nasdaq Composite Index closed up 33.84 points, or 0.7%, at 4,894.89. Crude prices settled up 1.9% to $49.56 a barrel Wednesday, their highest level since October.

Treasury prices were little changed Wednesday as investors took a pause after a big selloff during the previous session.

U.S. oil prices end the session at their highest level since early October after a U.S. government report showed that domestic crude supplies fell more than expected last week.