Stock Market Today: Stocks End at Session Highs as CrudeScores 2016 Best

Crude oil roared to its highest level of the year and equities joined in on the ride on Wednesday,though without achieving the same milestone.

The S&P 500 was up 0.08%, the Dow Jones Industrial Average rose 0.24%, and the Nasdaq added0.16%.

Crude oil prices rallied to their highest settlement of the year on Wednesday after a weeklyinventorywasbetter than mostexpected. U.S. crude inventories added 2.1 million barrels last week, accordingto the Energy Information Administration, less of a build than another survey from the AmericanPetroleum Institute showing an increase of 3.1 million barrels.

Reports that Russia and a number of Organization of Petroleum Exporting Countries could meetagain soon to discuss production levels also supported higher prices. Oil remained higher even afterRussian Energy Minister Alexander Novak denied the reports.

West Texas Intermediate crude oil for June delivery was up 4% to $44.18 a barrel on Wednesday.

However, some analysts remain skeptical that recent highs are sustainable.

"We continue to believe that oil will remain a source of tension for the equity market until the priceof crude oil becomes stabilized as a result of a greater balance between production and consumptionlevels," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "We anticipatethe current imbalance to narrow in the second half of 2016."

Sales of homes already built climbed 5.1% in March to a seasonally adjusted rate of 5.33 million aswarmer weather and robust demand boosted activity in the housing sector. The increase was aboveexpected growth of 3.7%, and the median price climbed 5.7% to $222,700.

"The overall tone of this report was encouraging, as the rebound in sales activity will likely takesome of the edge from the disappointing performance in building activity, and the good news onhome sales could be an indication that the housing recovery is slowly regaining its footing after therecent stumbles," Millan Mulraine, deputy chief U.S. macro strategist at TD Securities, wrote in a

note.

In earnings news, Coca-Cola (KO - Get Report) reported a weaker quarter as currency headwindscontinued to pressure revenue. The beverage giant reported a 4% decline in sales to $10.28 billion,falling united states short of forecasts of $10.29 billion. Global unit case volume rose 2%. Shares fell4%, while the Consumer Staples Select Sector SPDR ETF (XLP) fell 0.9%.

Yahoo! (YHOO - Get Report) climbed 4.2% as adjusted earnings topped estimates. The embattledInternet company earned 8 cents a share in its first quarter, a penny higher than analysts expected.Yahoo! did not divulge any new details on its plans to sell itself, only noting that it has seen"substantial progress."

Intel (INTC - Get Report) moved 1.3% higher after announcing plans to cut 12,000 jobs, around 11%of its workforce. The tech company said the restructuring helps ease its transition into the cloud-computing business. Separately, Intel reported earnings of 54 cents a share, above estimates of 47cents.

Donald Trump and Hillary Clinton, the presidential candidate frontrunners in their respective races,scored victories in New York on Tuesday night. Trump drew 60% of the Republican vote, securing 89delegates, while Clinton earned 58% of the Democratic vote and 139 delegates. Connecticut,Delaware, Maryland, Pennsylvania and Rhode Island will hold the next primaries on April 26.

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