The major indices recovered from their premarket dip, rallying into positive territory midday Wednesday.
The S&P 500 and Dow Jones Industrial Average were up 0.1% while the Nasdaq rallied 0.3% in midday trading.
Crude prices are cooperating with today's stock rally, staging a rally of their own after a two-day slide. The commodity is climbing after the Energy Information Administration reported that crude inventories rose by 1.3 million barrels, well below analysts' 3.4 million barrel expectations.
Investors continue to watch for Federal Reserve Chair Janet Yellen's scheduled 2 p.m. ET press conference. Wall Street does not expect the central bank to raise interest rates again like it did following its December meeting
Brent crude prices were climbing $1.40 to $40.13 per barrel while West Texas Intermediate crude prices rose $1.54 to $37.88 per barrel.
Oil and energy stocks were benefiting from the price recovery with Chesapeake Energy (CHK) climbing nearly 6%, ConocoPhillips (COP) rising nearly 2% and BP (BP) up 0.6%.
Shares of Oracle (ORCL) were rising midday after the company topped analysts' third-quarter bottom-line expectations, thanks in part to the success of its cloud computing business.
Shares of Chipotle Mexican Grill (CMG) were down 0.7% Wednesday afternoon after the restaurant chain said February sales declined 26% and that it expects to report a first-quarter loss as it recovers from a series of food-borne health scares. A quarterly loss would be the first the company has taken since it went public in 2006.
Peabody Energy (BTU) shares were down 50% after the coal company warned that it may have to file for bankruptcy protection. Peabody's shares have dropped over 97% in the past 12 months.
Mallinckrodt Public (MNK) was down over 10% after short-seller Citron Research tweeted that the company was just as risky as recent market laggard Valeant Pharmaceuticals (VRX). Citron Research founder Andrew Left told Real Money yesterday that Valeant, which lost more than half of its value on Tuesday, looks like a "a bunch of choir boys" compared to Mallinckrodt.