Wall Street buoyed by higher oil prices, ahead of Fed's decisions
Economies.com
2017-03-15 16:03PM UTC
U.S. stock indices rose on Wednesday on the back of higher crude prices, which recovered today after data showed an inventory drawdown last week, while markets await the Federal Reserve's policy decisions.
Crude prices rose today after a sharp tumble recently that sent them to 3-1/2 month lows, following an unexpected inventory drawdown last week.
Energy and crude shares rose, pulling Wall Street up with them as investors brace for the Fed's expected rate hike later today.
On the other hand, the dollar fell against a basket of currencies today after consumer prices rose less than before according to earlier data, underpinning stocks of American exporters.
Standard and Poor's 500 rose 0.34%, or 8.04 points to 2,373.49, while Dow Jones added 0.21%, or 44.47 points to 20,881.84.
Tech-heavy NASDAQ climbed 0.18%, or 10.48 points to 5,867.29.
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