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Stocks Edge Higher on Crude Oil Rally

Stocks edged higher on Wednesday, recovering from a selloff a day earlier, as crude oil spiked on hopes of a production freeze among major oil-producing countries.

The S&P 500 was up 0.1%, the Dow Jones Industrial Average climbed 0.07%, and the Nasdaq added 0.21%.

Crude oil rallied on Wednesday after Kuwaiti governor for the Organization of Petroleum Exporting Countries, Nawal Al-Fuzaia, said a deal could be reached when members meet in Qatar on April 17. Hopes over a possible deal among members have faded recently as Iran suggested it wouldn't participate in a deal until it has reached pre-sanction production levels.

Oil was also higher after the latest weekly read from the American Petroleum Institute showed that U.S. inventories fell by 4.3 million barrels in the past week. Analysts had expected an increase of 2.9 million barrels. An official read from the Energy Information Administration will be released mid-morning Wednesday. West Texas Intermediate crude oil was up 3% to $36.98 a barrel.

Concerns over the global economy that battered Wall Street at the start of 2016 took their toll...


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