Midday Report: Crude Inventories Drop by 4.1M; Oracle Upgraded

Wall Street extended its comeback rally into day two on Wednesday, led by the energy and materials sectors.
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Wall Street extended its comeback rally into day two, led by the energy and materials sectors on Wednesday. U.S. stocks have recovered from around half of the losses sustained over a sharp two-day selloff beginning on Friday. Pending home sales in May fell at a far-steeper pace than analysts expected. The measure, which looks at contracts signed where the deal has not yet closed, fell for the first time in nearly two years. The drop was mainly driven by tight inventory and strong demand. Crude oil continued to push higher on Wednesday, recovering alongside equities. The commodity added to earlier gains after a sharp drop in domestic inventories. Crude stocks declined by just over four million barrels in the past week. Oracle (ORCL) - Get Report  shares climbed after JPMorgan upgraded them to NEUTRAL from UNDERWEIGHT. The firm said it expects the software developer to perform well against easy comps. TheStreet's Keris Lahiff reports from Wall Street.