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  • S&P 500 clings to modest daily gains on Wednesday.
  • Energy stocks rise sharply with Devon Energy Corp (DVN: NYSE) leading the way.

The S&P 500 Index (SPX) opened higher on Wednesday but seems to be struggling to gather enough momentum to renew the record high its set at 3,756 on Tuesday. As of writing, the SPX was up 0.28% on the day at 3,737.

S&P 500 top movers

Earlier in the day, the data published by the US Energy Information Administration (EIA) showed that crude oil stocks declined by 6.1 million barrels in the week ending December 25. Supported by this report, the barrel of West Texas Intermediate climbed to a daily high $48.64 and provided a boost to major energy stocks.

As of writing, Devon Energy Corp (DVN: NYSE), Occidental Petroleum Corp (OXY: NYSE), Diamondback Energy Inc (FANG: NASDAQ) and Marathon Oil Corp (MRO: NYSE) stocks were among the top performers of the day, rising between 4.3% and 3%.

On the other hand, the S&P 500 Communication Services Index is the only major sector trading in the negative territory on Wednesday. Alphabet Class A (GOOGL: NASDAQ), Facebook (FB: NASDAQ), Intel Corp (INTC: NASDAQ) and 
Netflix Inc (NFLX: NASDAQ) shares are down more than 1%.