Stocks End Higher as Investors Look Ahead to Fed Rate Decision

4:47PM ET 9/17/2019 MT Newswires
Stocks edged up Tuesday as investors await the Federal Open Market Committee's decision on interest rates on Wednesday and a report that indicated that a massive oil-processing facility in Saudi Arabia would be returned to service sooner than expected.

Saudi Energy Minister Prince Abdulaziz bin Salman was quoted as saying by Reuters that the kingdom would restore the 5.7 million barrels a day production that was lost after the weekend drone attack on its Abqaiq oil refinery by the end of the month.

According to Reuters, Prince Abdulaziz said the kingdom's oil production would reach 11 million barrels a day by the end of September and 12 million by the end of November.

Crude-oil futures sank after soaring the day before. West Texas Intermediate fell more than 6.2% to $58.98 while international benchmark Brent sank 7.3% to $63.98.

Energy shares dropped more than 1.5%. Apache (APA) fell 8.5% while Marathon Oil (MRO) lost 7.8%. Helmerich & Payne (HP) slid 7%.

Nine of the 11 sectors that comprise the Standard & Poor's 500 ended higher.

Materials gained 0.7%. Ball (BLL) surged 3.9% while Martin Marietta Materials (MLM) and PPG Industries (PPG) each added 1.6%

McDonald's firmed (MCD) 1.2% to help push consumer discretionary shares 0.6% higher. Ulta Beauty (ULTA) added 3.7%, and Chipotle Mexican Grill (CMG) gained 3.2%.

Consumer staples rose 0.6%, led higher by Procter & Gamble's (PG) 1.2% advance. Hershey (HSY) gained 3.1%, and JM Smucker (SJM) added more than 1.4%.

In corporate news, Cracker Barrel Old Country Stores (CBRL) rose 1.9% after results for its fiscal fourth quarter beat expectations.

Kraft Heinz (KHC) dropped nearly 4.3% after one of its largest shareholders disclosed that it further decreased its stake in the food company.

The Dow Jones Industrial Average ended more than 0.1% higher. The S&P 500 gained nearly 0.3% and the Nasdaq Composite advanced 0.4%.