* U.S. consumer spending up in November
* Nov. durable goods orders weak
* Nike hits record high after quarterly results
* Celgene up after settling patent litigation
* Indexes up: Dow 0.79 pct, S&P 0.65 pct, Nasdaq 0.52 pct (Updates to open)
By Abhiram Nandakumar
Dec 23 (Reuters) - Wall Street was sharply higher on Wednesday, led by gains in energy stocks, and as economic data showed consumer spending and personal incomes rose in November.
Oil prices were up after an unexpected fall in U.S. inventories, but still hovered near multi-year lows as oversupply concerns continued to weigh.
Exxon shares were up 1.1 percent at $78.54, while Chevron was up 2.2 percent at $92.36.
“This is almost always a very good week for the market. The market rallies into Christmas,” said Jeff Clark, trading analyst at Stansberry Research.
U.S. stock markets will have a shortened session on Thursday and stay closed on Friday for Christmas. Trading volumes are expected to remain relatively light through the holiday period.
“There’s a pretty strong bounce in the price of oil and, as we’ve seen in the past several days, the market seems to be following that pretty closely,” Clark said.
U.S. consumer spending rose by 0.3 percent last month, according to data that was inadvertently released 12 hours ahead of schedule on Tuesday, while personal income rose for the eighth straight month on solid wage gains.
However, non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.4 percent last month, according to data released on Wednesday.
At 9:36 a.m. ET (1436 GMT) the Dow Jones industrial average was up 137.4 points, or 0.79 percent, at 17,554.67, the S&P 500 was up 13.24 points, or 0.65 percent, at 2,052.21 and the Nasdaq Composite index was up 25.97 points, or 0.52 percent, at 5,027.08.
All 10 major S&P sectors were higher, led by the 1.74 percent rise in the energy sector.
Celgene was up 8.3 percent at $120.38 after the drugmaker said it settled a patent litigation over its top-selling cancer drug, Revlimid. The stock gave the biggest boost to the S&P and Nasdaq.
Nike rose 3.2 percent to a record high of $136.10 after the world’s largest sportswear maker reported futures orders that beat expectations. The stock was the biggest influence to the Dow.
Micron shares were down 6 percent at $13.74 in premarket trading after the memory chip maker forecast a surprise loss for the second quarter.
Bed Bath & Beyond was down 5.1 percent at $48.65 after the home furnishings retailer cut its third-quarter profit forecast.
Other data scheduled for Wednesday includes the University of Michigan’s consumer sentiment index, which is expected to rise to 92 in December from the preliminary 91.8 reported previously. The report is due at 10:00 a.m.
Investors will assess the economic data to get a bearing on the Federal Reserve’s next move.
The central bank raised interest rates last week and said further hikes would be gradual.
Advancing issues outnumbered decliners on the NYSE by 2,372 to 324. On the Nasdaq, 1,644 issues rose and 580 fell.
The S&P 500 index showed seven new 52-week highs and two new lows, while the Nasdaq recorded 18 new highs and 15 new lows. (Reporting by Abhiram Nandakumar and Ankur Banerjee in Bengaluru; Editing by Anil D‘Silva)