Oil, Stocks Climb Higher: Wednesday's IP Market Recap

Investors took a deep breath and markets rallied on Wednesday despite continued concerns over military action against Syria.

For the day the Nasdaq moved ahead 0.41% to 3593.35, while the Dow Jones Industrial Average rose 0.33% to 14,824.51 and the S&P 500 closed up 0.27% at 1634.96.

The Middle East turmoil continued to affect oil markets, as the price of light crude rose to nearly $110 per barrel. Oil stocks benefited from the move, with Chevron () and Exxon Mobil () both moving ahead over 2% on the news. Sector players Royal Dutch Shell (, , +1.9%), Marathon Petroleum (, +1.3%), and ConocoPhillips (, +1.1%) also tacked on gains.

Gold, on the other hand, climbed in early trading but ended up falling on the day. As a result, Kinross Gold (, -2.5%) Barrick Gold (, -1.7%), Goldcorp (, -1.4%) and the Market Vectors Gold Miners ETF (, -2.9%) all fell after posting early gains as well.

Tech stocks gained back some ground, as Facebook

() adding on over 2% despite news that COO Sheryl Sandberg is selling most of her stake. Blackberry () shares rose nearly 3% on news it’s considering spinning off its messaging service, while Hewlett-Packard () also gained around the same amount on no particular news.

Homebuilders took losses on as a National Association of Realtors report showed its Pending Home Sales Index fell by 1.3% in July — the second straight month of declines. Lennar (, -2%) Hovnanian (, -1.3%), KB Home (, -1.6%), and D.R. Horton (, -1.2%) were all down on the day.

Finally, Big machinery maker Joy Global () sank nearly 5% despite increasing its share repurchase plan. The company posted drops across both the top and bottom line for the most recent quarter.