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Midday Report: Crude Recovers After Stockpile Decline; U.S. Stocks Rise

U.S. stocks held onto slight gains, snapping a four-session losing streak.

U.S. stocks held onto slight gains, snapping a four-session losing streak. That could all change by this afternoon, though, depending on what the Fed says after its meeting. Fresh forecasts will be released, including the closely-watching dot plot matrix. Crude oil recovered from earlier lows after a decline in U.S. inventories over the past week. Stockpiles fell by 900,000 barrels according to the EIA. However, the decline wasn't as steep as expected. Cisco (CSCO) was downgraded to NEUTRAL from BUY at Goldman Sachs. Analysts said the networking tech company lacks near-term catalysts. Procter & Gamble (PG) was rated a new buy at Jefferies. The firm said Procter can return to 3%-plus organic sales growth in the coming years.