US stocks edged higher on Wednesday as a rise in mining and energy shares offset worries about unrest in the Middle East and North Africa, while analysts saw more gains in oil ahead. Volume was at about 4.5 billion, below average for afternoon trading, after the market posted the worst trading volume of the year on Tuesday.
The S&P index of materials stocks rose 1.1 percent and was the S&P 500's top-performing sector. The sector climbed in sync with metals prices, including copper, which was up more than 2 percent. Freeport-McMoRan Copper & Gold shares shot up 4.3 percent to $54.53. Shares of Exxon Mobil, down 0.4 percent at $82.27 on Wednesday, have gained 13 percent since the start of the year.
The Dow Jones industrial average was up 45.37 points, or 0.38 percent, at 12,064.00. The Standard & Poor's 500 Index inched up just 0.79 of a point, or 0.06 percent, to 1,294.56. The Nasdaq Composite Index was up 5.06 points, or 0.19 percent, at 2,688.92. The Federal Reserve's rejection of a dividend plan by Bank of America weighed on bank stocks. Bank of America Corp shares slid 1.9 percent to $13.62. The KBW index of bank stocks fell 0.8 percent.