Stocks Ended Higher, Eyed on Fed Statement

U.S. stocks ended modestly higher on Tuesday as higher oil prices lifted the energy sector, as investors turned their focus to an upcoming statement by the Federal Reserve, which is expected to announce an increase in its key interest rate Wednesday afternoon. The Dow Jones Industrial Average rose 116.36 points, or 0.47%, to 24,727.27. The S&P 500 gained 4.02 points, or 0.15%, to 2,716.94. The Nasdaq Composite added 20.06 points, or 0.27%, to 7,364.30.

Oil futures settled Tuesday at their highest level of the month, finding support from tensions between Iran and Saudi Arabia, and concerns about Venezuelan crude production. April West Texas Intermediate crude rose by $1.34, or 2.2%, to settle at $63.40 a barrel. May Brent crude gained $1.37, or 2.1%, to $67.42 a barrel.

Oracle Corp. (ORCL) shares fell sharply Tuesday after the business software group posted weaker-than-expected sales for its fiscal third quarter. Oracle reported a net loss of $4.02 billion for the three months ended in February after the close of trading Monday, thanks in large part to a $6.9 billion charge linked to changes in the U.S. corporate tax code last year.