Higher close even as crude oil slips

Despite a drop in crude oil prices, the markets closed higher with the Dow soaring 123 points to 17,251 on bargain hunting. Nasdaq climbed 45 points to 4,968.

On the upside

ArcLight Capital Partners approved a $75 million unit purchase program for American Midstream Partners (NYSE: AMID).

Bargain hunters lifted shares of Teekay LNG Partners (NYSE: TGP).

Market Realist listed Southwestern Energy (Nasdaq: SWN) as a top SPY stock.

On the downside

Shares of Cnova (Nasdaq: CNV) extended its losses.

Retreating crude oil prices weighed down shares of Oasis Petroleum (NYSE: OAS) and Petrobras (NYSE: PBR).

BTIG analyst Rich Greenfield reiterated his Sell rating on Disney (NYSE: DIS).

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 climbed 15 points to 2,021. Bitcoin lost $5 to $435.

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