U.S. stocks traded slightly higher on Wednesday, as crude-oil prices fell after data showed a surprisingly large build in weekly supplies, while upbeat results from computer-maker Hewlett-Packard helped offset ongoing concerns about ailing financial firms.
"We had a good report on energy this morning," said Paul Mendelsohn, chief investment strategist at Windham Financial Services. "But the market has been having trouble holding onto these gains."
Crude-oil futures were recently down $1.38 to $113.15 a barrel on the New York Mercantile Exchange. The Energy Department reported a climb of 9.4 million barrels in weekly inventories, while the American Petroleum Institute reported a rise of 12.4 million barrels.
Still, the energy sector posted strong gains, with shares of energy-services firms such as Valero Energy (VLO) leading the way.
The Dow Jones Industrial Average (DJI) rose 10 points, or 0.1%, to 11,358, with 20 of its 30 components trading higher.
Hewlett-Packard (HPQ), a blue-chip stock, rose 3.6% after the company posted an 11% rise in profit and issued an earnings outlook that topped analyst estimates.
The blue-chip average's other technology stocks mostly rose, with IBM (IBM) up 0.3% and Microsoft Corp. (MSFT) up 0.2%.
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