U.S. stocks rose on today as oil prices stayed below $50 a barrel ahead of weekly crude inventory figures and US consumer sentiment improved slightly in November.
Meanwhile, shares of McDonald's Corp. rose 1 percent, extending yesterday's gains, as investors bet that the second change in the restaurant chain's top post this year would not threaten its nearly two-year-old turnaround.
McDonald's stock was up 35 cents to $30.45.
Shares of Biogen Idec Inc. rose 1.6 percent to $58.35 a day after the U.S. Food and Drug Administration approved a multiple sclerosis drug that Ireland's Elan Corp. and Biogen developed.
The Dow Jones industrial average was up 10.86 points, or 0.10 percent, at 10,503.46. The Standard & Poor's 500 Index was up 3.05 points, or 0.26 percent, at 1,179.99. The technology-laced Nasdaq Composite Index was up 8.54 points, or 0.41 percent, at 2,092.82.
"Investors are relieved that consumer sentiment is still strong although it is not up to expectations and oil under $50 is also helping," said Gary Wedbush, head of trading at Wedbush Morgan.
The University of Michigan's final reading of its November index of consumer sentiment rose to 92.8 from October's final reading of 91.7, according to a report released on Wednesday and seen by market sources. Economists polled by Reuters had expected a final November median reading of 96.
In other economic news, the ranks of Americans filing initial claims for jobless pay shrank more than expected last week to 323,000, government data showed on Wednesday.
Oil prices eased ahead of weekly U.S. inventory data that is expected to show the first build in distillate fuel supplies in 10 weeks.
Weekly U.S. government oil inventory data due at 10:30 a.m. (1530 GMT) is expected to show that rising refinery rates have topped up supplies of heating oil and diesel.
U.S. light crude was down 39 cents at $48.55 a barrel. Prices are up 50 percent from the start of the year but are nearly $7 off their all-time peak one month ago.
Shares of Web search engine Google Inc. rose 4 percent to $174.34, helping Nasdaq, a day after Goldman Sachs put a $215 price target on the stock.
Trading was expected to be light and volatile ahead of the Thanksgiving holiday. U.S. stock markets will be closed Thursday and will have a truncated session on Friday.