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Updated from 4:39 p.m. EDT

The U.S. stock market had a sluggish morning, but by Wednesday's close the major indices had made their way into positive territory as energy shares rose and financials rebounded.


Dow Jones Industrial Average

gained 40.30 points, or 0.4%, to 11,656.07, and the

S&P 500

was up 4.31 points, or 0.3%, at 1289.19. The


was higher by 28.54 points, or 1.2%, to 2378.37.

One day ago, the Dow, the S&P and the Nasdaq all surged thanks to falling crude, decent data on the services sector and comments from the

Federal Reserve

that traders viewed as friendly for equities. At the end of the day, all three had jumped more than 2.8%.

When the new session arrived, investors opted to lock in some of their gains. Financial stocks were among the notable early decliners, but they gradually made headway and ended little changed.

Merrill Lynch


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recovered from a loss and rose 1%.

Lehman Brothers


rebounded to add 1.1%.

On the winning side was the Amex Oil Index, up 2.6%, led by


(APC) - Get Anadarko Petroleum Corporation Report



(VLO) - Get Valero Energy Corporation Report


Corporate earnings continued to arrive at a rapid clip, and on the early side


(RIG) - Get Transocean Ltd. Report







exceeded estimates.

Freddie Mac


, meanwhile, missed expectations.

Grocery-store operator

Whole Foods


sank to a 52-week low after it had a disappointing quarterly profit and said it would halt its dividend. Shares closed down 13% at $20.04.


(MSFT) - Get Microsoft Corporation Report

was another story stock, adding 3% following a Bloomberg report that cited a UBS analyst who believes the software maker might be close to announcing a stock buyback worth up to $20 billion.

Away from equities, crude oil shed another 72 cents to $118.45 a barrel. Gold lost $3.10 to $883 an ounce.

Treasury prices fell. The 10-year note was down 9/32 in price, yielding 4.05%, and the 30-year bond was lower by 19/32, yielding 4.68%. The dollar was advancing against its major counterparts.

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This article was written by a staff member of