Stocks closed mostly higher on Wednesday, helped by better-than-expected earnings and rising oil prices, following the release of key economic data from the Federal Reserve.
The Dow Jones industrial average rose about 40 points, with Goldman Sachs contributing the most gains. The S&P 500 gained 0.2 percent, with energy rising approximately 1.4 percent to lead advancers.
The energy sector had traded more than 2 percent higher earlier in the session, after the Energy Information Administration reported a 5.3 million crude oil drawdown. West Texas Intermediate futures for November delivery rose 2.6 percent to settle at $51.60 per barrel.
"It's a combination of energy rising and better-than-expected earnings," said Christian Magoon, CEO of Amplify Investments. "We're just riding that right now."
The Nasdaq composite closed less than 0.1 percent higher.
Earnings season carried on Wednesday, with eight of the 13 S&P components that posted results this morning beating Wall Street estimates, according to Nick Raich, CEO of The Earnings Scout.
Morgan Stanley, Abbott Labs and BB&T were among the companies that exceeded expectations on both earnings per share and revenue. Morgan Stanley continued the trend of big banks beating forecasts on strong performances from trading.
Dow component Intel also reported better-than-expected results Tuesday afternoon, but its stock fell nearly 6 percent on light revenue guidance. Companies scheduled to report are eBay, American Express and Mattel, among others.