The S&P 500 gained 0.45% on Tuesday, the Dow Jones Industrial Average rose 0.44%, and the Nasdaq rose 0.74%. The Dow and S&P 500 both closed at records.
Banks outperformed Tuesday on the prospect of an interest rate hike. Goldman Sachs Group Inc. (GS) led the Dow higher, while Citigroup Inc. (C) , Wells Fargo & Co. (WFC) , Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) had healthy gains.
2. -- In the U.S. on Wednesday, the economic calendar also includes the Consumer Price Index for May at 8:30 a.m., Retail Sales for May at 8:30 a.m., Business Inventories for April at 10 a.m., and Oil Inventories for the week ended June 9, at 10:30 a.m.
The declines followed data from OPEC on Tuesday which indicated that member states increased production in May, despite reaching an agreement to trim output. In its regular monthly oil market report, OPEC said its crude output pace in May rose by 336,000 barrels a day to just more than 32.1 million. The figures added to market pressure after a report from the American Petroleum Institute that estimated domestic crude stocks rose by a more-than-expected 2.8 million barrels in the week ended June 9.
Meanwhile, the International Energy Agency said Wednesday the current supply gut will continue through 2017, largely because U.S. oil producers have ramped up production.