(CNBC) — Stocks closed mostly higher on Wednesday, helped by better-than-expected earnings and rising oil prices, following the release of key economic data from the Federal Reserve.
The Dow Jones industrial average rose about 40 points, with Goldman Sachs contributing the most gains. The S&P 500 gained 0.2 percent, with energy rising approximately 1.4 percent to lead advancers.
The energy sector had traded more than 2 percent higher earlier in the session, after the Energy Information Administration reported a 5.3 million crude oil drawdown. West Texas Intermediate futures for November delivery rose 2.6 percent to settle at $51.60 per barrel.
Advertisement - story continues below
"It's a combination of energy rising and better-than-expected earnings," said Christian Magoon, CEO of Amplify Investments. "We're just riding that right now."