Katherine Sullivan

Escalating military conflict in the Middle East drove oil to record weekly gains.

Among individual companies, Marvell Technology shares surged over 18 percent.

Strong demand for artificial intelligence and upbeat revenue projections fueled the rally.

Costco wholesale shares added 1.6 percent.

The discount retailer posted strong quarterly results driven by product sales and membership fees.

Nike shares dropped nearly 2% after the company announced a $300 million charge related to cutting costs and laying off workers.

And Gap shares skidded 14% following the company's latest quarterly report.

Declining sales for its Athleta brand dented the clothing retailer's results.

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Here's your closing bell brief for Wednesday, March 4th.

I'm Katherine Sullivan for The Wall Street Journal.

U.S.

stocks moved higher today as investors set aside concerns regarding Middle East tensions.

The Nasdaq led the gains with a rise of 1.3 percent.

The S&P 500 added 0.8 percent, while the Dow climbed half a percent.

Oil prices stabilized today after a significant rally earlier in the week.

Energy costs remain a focus as analysts warn of upward pressure on inflation.

Among individual companies, GitLab shares slid 6% today.