Energy Charges Ahead on Oil Rally; Google Faces Antitrust Charges

Stocks bounced higher in midday trading Wednesday after a surge in crude prices triggered a rally in the energy sector. Major oilers Exxon (XOM), BP (BP), and Chevron (CVX) gave the S&P 500 a boost. Oil recovered a level above $54 a barrel after the International Energy Agency said oil demand would increase 1.1 million barrels a day this year, a big increase on last year's growth of 700,000. Also boosting prices, weekly domestic crude inventories rose at a slower-than-expected pace. Google (GOOGL) shares fell after the European Union filed formal charges following a five-year antitrust investigation. Delta (DAL) popped after reporting triple the quarterly profits of a year earlier.