Stocks edge higher amid caution over G20 summit

(AP) -- Stocks posted meager gains Wednesday as traders remained cautious ahead of a global economic summit where the U.S. is likely to face pushback from other nations over its economic stimulus plan.

Major indexes were down for much of the day but managed to edge higher by late afternoon. A report showing a sharp decline in first-time claims for unemployment benefits helped support stock prices. A jump in oil prices lifted shares of energy companies including Chevron Corp. and ConocoPhillips.

An announcement from the Federal Reserve Bank of New York detailing the Fed's plans for its upcoming bond-purchasing program helped bring stock indexes somewhat higher in the mid-afternoon. The Fed's program, announced last week, is aimed at encouraging borrowing and spending by keeping interest rates low.

The Dow Jones industrial average rose 10.29, or 0.1 percent, to close at 11,357.04. The Dow had been down as many as 92 points earlier in the day.

The Standard & Poor's 500 index added 5.31, or 0.4 percent, to 1,218.71, and the Nasdaq composite rose 15.80, or 0.6 percent, to 2,578.78. (more)