U.S. stocks waver narrowly amid mixed data

U.S. stocks traded higher in the morning session Wednesday as Wall Street digested a batch of mixed economic reports while awaiting the outcome of the Federal Reserve's policy meeting.

By midday, the Dow Jones Industrial Average rose 44.04 points, or 0.25 percent, to 17,718.86. The S&P 500 added 6.04 points, or 0.29 percent, to 2,081.36. The Nasdaq Composite Index was up 16.97 points, or 0.35 percent, to 4,860.52.

The Producer Price Index (PPI) for final demand increased 0.4 percent in May, seasonally adjusted, beating market consensus, the U.S. Labor Department reported Wednesday.

"Energy prices have reversed, restoring headline PPI inflation from consistently negative readings to near zero," said Jay Morelock, an economist at FTN Financial.

"Oil prices have changed little in the past month, but if they do not fall back in the second half they will further bolster headline inflation readings for a few more months," he said.

Meanwhile, U.S. industrial production decreased 0.4 percent in May after increasing 0.6 percent in April, the Fed said Wednesday.

The June 2016 Empire State Manufacturing Survey indicates that business activity expanded modestly for New York manufacturers. The headline general business conditions index climbed fifteen points to 6.0.

Investors also kept a close eye on the U.S. central bank's conference for more clues on the timing of the next interest rate hike. However, most analysts are not expecting the Fed to raise interest yet at the meeting. Endit