Stocks Closed Higher ahead of Fed Decision

U.S. stocks closed higher for a second straight day on Wednesday, as investors eyed a jump in oil prices and looked ahead to the Federal Reserve’s decision on a rate hike. The Dow Jones Industrial Average added 140.10 points, or 0.84%, to 16,739.95. The S&P 500 gained 17.22 points, or 0.87%, to 1,995.31. The Nasdaq Composite was up 28.72 points, or 0.59%, to 4,889.24.

Oracle Corp. released quarterly earnings Wednesday that beat profit expectations but were light on revenue. The Silicon Valley software giant reported net income of $1.75 billion, or 40 cents a share, on sales of $8.45 billion; after adjustments, Oracle claimed profit of 53 cents a share.

Oil futures soared on Wednesday to claim their highest settlement so far in September, buoyed by a report showing U.S. crude inventories fell for the first time in three weeks, along with a fall in weekly production. October West Texas Intermediate crude rose $2.56, or 5.7%, to settle at $47.15 a barrel on the New York Mercantile Exchange.

FedEx Corp. on Wednesday trimmed its earnings outlook for its fiscal year as the package-delivery giant sees weak demand in its freight segment and higher costs in its ground segment.FedEx said it is now expecting earnings of $10.40 to $10.90 for the year ending next May.

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