Wall Street Stocks Drift Higher Amid Oil Price Stability

Stocks on Wall Street drifted higher Wednesday as relatively steady oil prices and bond yields alleviated some pressure.

The S&P 500 index rose 0.4%, while the Dow Jones Industrial Average increased by 203 points, or 0.4%, as of 1:28 p.m. Eastern time.

Technology and communication services stocks led the gains, with chipmaker Nvidia rising 3.6% and computer memory seller Micron Technology gaining 1.2%.

Banks and credit card issuers also contributed to the market's lift, with Capital One Financial increasing by 2.7% and American Express adding 1.6%.

The gains follow two weak days for the broader market, which was affected by rising oil prices and a bond-market sell-off.