Energy sector buoys S&P 500 and Dow as oil prices advance Wall Street advanced on Wednesday after two straight days of declines, as a climb in oil prices lifted energy shares after the US and its allies appeared prepared to attack Syria, heightening concerns over global oil supplies, reports Reuters. The S&P energy index rose 1.3 per cent to lead the top 10 S&P sectors. Chevron, up 2.5 per cent at $121.81, and ExxonMobil, up 2.3 per cent at $88.84, were the top boosts to both the S&P 500 index and Dow Jones Industrial Average. Selling pressure waned on equities in the wake of stocks" worst day since June a day earlier, triggered by heightened tensions over a possible western response to an alleged chemical weapons attack on Syrian civilians by President Bashar al-Assad's government. The Dow rose 48.38 points, or 0.33 per cent, to 14,824.51, the S&P 500 gained 4.48 points, or 0.27 per cent, to 1,634.96 and the Nasdaq Composite added 14.83 points, or 0.41 per cent, to 3,593.35. "[Wednesday] was a little overdone but investors need to be ready that volatility is going to be here for a while," said Ron Florance, deputy chief investment officer at Wells Fargo Private Bank in Scottsdale, Arizona. We have this struggle between the short term news and the longer term trends and that is always a recipe for volatility until the market can really find direction. But the concerns over higher oil prices dented airline stocks on Wednesday, with the NYSE Arca airline index off 0.9 per cent after stumbling 3.9 per cent in the prior session. AMR Corporation fell 1.9 per cent to $3.06 while US Airways Group dipped 0.8 per cent to $15.34. On Wall Street, US government housing finance authorities are pressing JPMorgan Chase for at least $6bn to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. JPMorgan shares were little changed at $50.58. Shares of mining equipment manufacturer Joy Global fell 4.7 per cent to $48.89 after it reported a lower profit for the third quarter and said orders fell. Contracts to purchase previously owned US homes fell for the second straight month in July, a sign that rising mortgage rates are taking some steam out of America's housing market recovery, sending shares of the country's largest homebuilders lower. PulteGroup fell 1.4 per cent to $15.38, DR Horton shed 1.2 per cent to $17.77, KB Home dipped 1.6 per cent to $16.02 and Lennar fell 2 per cent to $31.62. The PHLX housing sector index dipped 0.35 per cent. Drugmaker Regado Biosciences reported late on Tuesday the closing of its initial public offering of 10.8m shares at a price of $4 per share, resulting in gross proceeds of $43m. Shares in the company edged 0.8 per cent higher to $4.81 after rising more than 4 per cent in early trading. Express, the clothing and accessories retailer, bucked the trend in which peers have reported steep declines in same-store sales. The company reported sales ahead of analysts" estimates for the third quarter in a row on Wednesday as its trendy merchandise attracted more shoppers. Shares jumped 6.6 per cent to $21.10. The US Food and Drug Administration has delayed the date on which the agency will decide whether to approve Auxilium Pharmaceuticals" drug to treat Peyronie's disease. The company's shares rose 2.7 per cent to $17.99. Caterpillar shares dipped 0.3 per cent to $82.45 after the maker of mining equipment reported a 36 per cent slide in quarterly orders and warned of sharply lower revenue for a further year as coal producers cut back capital spending in the face of a supply glut and low prices.