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U.S. stocks drifted between gains and losses in early trading Wednesday as a drop in oil prices weighed on energy shares.
As the commercial crude inventory rose more than expected, benchmark crude for February delivery fell for the third day and settled at 79.65 U.S. dollars a barrel on the New York Mercantile Exchange. It's the first time this year a barrel has closed below 80 dollars a barrel.
Major banks led the market higher as top executives of four big banks, including Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America appeared before the Financial Crisis Inquiry Commission to talk about the root of the financial crisis, as public discord over big bank profits and bonuses has the White House considering placing a levy on banks.
Stocks pulled higher in afternoon trading after the Federal Reserve said the economy is rebounding in more parts of the country. According to Fed's "beige book," 10 of the Fed's 12 districts reported better activity or improving conditions.
Still, the report counted a number of continuing headwinds. Labor conditions remained generally weak and credit quality deteriorated in December, indicating the economic recovery was still facing several risks and uncertainties.
Among stocks in focus, Chinese search engine company Baidu surged more than 13 percent after its main rival Google threatened to departure from China, supporting Nasdaq higher.
Airlines traded higher on hopes for cheaper fuel prices following news that crude and petroleum-product inventories rose across the board last week. UAL Corp. surged nearly 10 percent and U.S. Airways Group Inc. rose almost 8 percent.
At Wednesday's close, the Dow Jones rose 53.51, or 0.50 percent, to 10,680.77. Broader indexes also ended in positive territory. The Standard & Poor's 500 index added 9.46, or 0.83 percent, to 1,145.68 and the Nasdaq gained 25.59, or 1.12 percent, to 2,307.90.