The stock market edged higher in early trading Wednesday as commodities prices extend their rally and the dollar hovers near recent lows.
There was little economic or corporate news to guide investors in the early going. Investors were waiting for the Federal Reserve to release its latest assessment of the economy in different parts of the country. The report, known as the beige book, is due at 2 p.m. EDT.
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“If there are any surprises in there it could have dramatic impact on the market,” said Joe Heider, president of Dawson Wealth Management in Cleveland. “My personal belief is, the discussion is going to indicate that inflation is subdued and not a concern at this point.”
Meanwhile, investors around the world were tracking the dollar, which is trading near lows for the year against the euro and a two-month low against the yen after sinking Tuesday. The dollar’s recent drop is lifting commodities prices, including oil which is extending its gains.
Oil traders are closely watching an OPEC meeting in Vienna, although oil ministers have repeatedly said the producer group is unlikely to change its production levels.
In midmorning trading, the Dow Jones industrial average rose 27.44, or 0.3 percent, to 9,524.78. The Standard & Poor’s 500 index gained 3.73, or 0.4 percent, to 1,029.12, while the Nasdaq composite rose 9.95, or 0.5 percent, at 2,047.72.
Two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 191.3 million shares compared with 246.2 million shares traded at the same time Tuesday.
Bond prices fell, pushing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.51 percent from 3.48 percent late Tuesday.
Light, sweet crude rose 87 cents to $71.97 per barrel on the New York Mercantile Exchange.
The Russell 2000 index of smaller companies rose 2.68, or 0.5 percent, to 579.06.
Overseas, Japan’s Nikkei stock average fell 0.8 percent. In afternoon trading, Britain’s FTSE 100 rose 0.9 percent, Germany’s DAX index rose 1.2 percent, and France’s CAC-40 advanced 0.7 percent.
