SECTOR COMMENTARY

Oil and gas stocks closed higher with all the S&P subsectors jumping following news that the House of Representatives passed legislation late Tuesday that prevented most impending tax increases and postponed spending cuts by two months, while raising taxes on the wealthiest 2% of Americans.

WTI closed higher by $1.30 or 1.42% to close at $93.12, as part of a cross-market rally after the U.S. Congress approved a deal to avert tax hikes and spending cuts that threatened economic growth. The uncertainty and political brinkmanship had rattled consumers, ...