NEW YORK (AP) – U.S. stocks are rising Wednesday morning after a four-day losing streak. Mining companies and consumer stocks are making some of the largest gains. Energy companies are falling as the price of oil continues to slide.
KEEPING SCORE: The Dow Jones industrial average rose 53 points, or 0.3 percent, to 17,728 as of 9:52 a.m. Eastern time. The Standard & Poor’s 500 index gained 7 points, or 0.3 percent, to 2,082. The Nasdaq composite picked up 15 points, or 0.3 percent, to 4,858.
FED IN FOCUS: The Federal Reserve wraps up a two-day policy meeting later Wednesday. Investors don’t expect the U.S. central bank to raise interest rates, but they will be looking for clues about what the Fed will do in July and thereafter. Federal Reserve Chair Janet Yellen will hold a press conference after the meeting.
SHINY: The price of copper rose almost 3 percent. Gold and copper producer Freeport-McMoRan jumped 52 cents, or 5.1 percent, to $10.73. Aluminum producer Alcoa rose 17 cents, or 1.9 percent, to $9.27 and gold miner Newmont Mining added 39 cents, or 1.1 percent, to $35.54.
CONSUMER GAINS: Consumer stocks also traded higher. Home improvement retailer Home Depot picked up $1.39, or 1.1 percent, to $126.63 and athletic apparel retailer Nike made the largest gain on the Dow, up 74 cents, or 1.4 percent, to $54.88. Retailers like PVH, the owner of the Calvin Klein and Tommy Hilfiger brands, and department stores Macy’s and Kohl’s also rose.