Business Highlights

The broader S&P 500 index rose 15.82, or 1.5 percent, to 1,109.30. It traded above 1,100 in mid-October but hasn't closed above that benchmark since October last year. The S&P 500 index first finished above 1,100 more than a decade ago, in March 1998.

The Nasdaq composite index rose 29.97, or 1.4 percent, to 2,197.85. The Russell 2000 index of smaller companies advanced 16.59, or 2.8 percent, to 602.87.

Benchmark crude for December delivery rose $2.55 to settle at $78.90 a barrel on the New York Mercantile Exchange.

Prices at the pump fell 0.4 cents overnight to $2.631 a gallon, according to AAA, Wright Express and Oil Price Information Service. That is down 6 cents from the peak of $2.691 reached Oct. 30.

In other Nymex trading, heating oil rose 6.59 cents to settle at $2.0320 a gallon. Gasoline for December delivery gained 7.06 cents to settle at $1.9868 a gallon. Natural gas for December delivery advanced 22.2 cents to settle at $4.614 per 1,000 cubic feet.

In London, Brent crude for December delivery rose $2.45 to settle at $78.76 on the ICE Futures exchange.

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