US stocks rise with oil prices ahead of Fed statement

NEW YORK (AP) — U.S. stocks are higher today as energy companies rise with the price of oil. Metals prices are also rising as the dollar gets a bit weaker. Investors are waiting for the Federal Reserve to conclude a policy meeting.

The Dow Jones industrial average added 50 points, or 0.3 percent, to 18,180 as of noon Eastern time. The Standard & Poor's 500 index picked up 7 points, or 0.3 percent, to 2,146. The Nasdaq composite rose 10 points, or 0.2 percent, to 5,250. Stocks rose in morning trading Monday and Tuesday but their gains dissipated both days.

Oil prices jumped as fuel stockpiles shrank and investors hoped that supply gluts are easing, which would allow prices to rise. The Energy Information Administration said oil inventories dropped by 6.2 million barrels and gasoline inventories decreased by 2.5 million barrels last week.

S&P Global Platts says analysts expected oil inventories to grow and gasoline stockpiles to shrink by a smaller amount.

Benchmark U.S. crude added $1.09, or 2.5 percent, to $45.14 a barrel in New York. Brent crude, used to price international oils, rose 89 cents, or 1.9 percent, to $46.77 a barrel in London. That helped energy companies, and Anadarko Petroleum rose $2.13, or 3.7 percent, to $60.41 while Chevron added 88 cents to $98.58.