Intel joy sends US shares higher

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(Close): US shares closed higher on Wednesday, buoyed by a positive outlook for chipmaker Intel and a gain of 5% in the price of oil.

The tech firm was the biggest main gainer, adding 4.18% after giving a revenue forecast in line with analysts' expectations.

Overall, the Dow was up 71.64 at 18,108.34 points, while the S&P 500 rose 10.44 to 2,106.28.

Meanwhile, the tech-rich Nasdaq gained 33.73 points to 5,011.02.

Other big winners on the Dow included JP Morgan and Exxon, notching up healthy gains for the second day in a row.

JP Morgan was up 1.19%, following a rise of 1.56% on Tuesday, when it reported a 12% rise in profit to $5.91bn for the three months to the end of March.

Exxon was up 1.66%, after rising 1.5% on Tuesday on the back of a rise in oil prices.

US benchmark crude was trading $2.74 higher at $55.95 a barrel in New York.

Bank of America fell 1.2% after first-quarter earnings came in below expectations.