US stocks drift higher as traders await earnings, Fed
NEW YORK (AP) — U.S. stocks are moving slightly higher as traders look over the latest corporate deals and wait for news from the Federal Reserve.
Corporate earnings will also be in focus Wednesday. Metals maker Alcoa will release its first-quarter results after the closing bell. The stock was up 2 percent.
The Dow Jones industrial average rose 38 points, or 0.2 percent, to 17,913 as of 11:45 a.m. Eastern time Wednesday.
The Standard & Poor’s 500 index increased five points, or 0.3 percent, to 2,081. The Nasdaq composite rose 36 points, or 0.7 percent, to 4,946.
The price of oil fell 2.5 percent to $51.60 a barrel in New York.
Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 1.89 percent.