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Stocks opened lower this morning, but have bounced back throughout the morning and now sit slightly higher. The Dow is higher by 25 points, the Nasdaq higher by 10 points, and the S&P 500 is up by 4 points.

Energy stocks moved higher this morning as crude oil rose above $79 a barrel. Crude oil has moved higher on the heels of the unexpectedly large drop in the crude oil inventory. Southwestern Energy Company (NYSE:SWN) shares are higher by 3.27% as natural gas stocks move higher on the day. Ultra Petroleum Corporation (NYSE:UPL) is higher by 2.70% on the day as the oil developers gain across the board. Large cap oil stocks such as Marathon Oil Company (NYSE:MRO) and ConocoPhillips (NYSE:COP) are doing well today too, with gains of 2.23% and 1.43% respectively.

Amgen Inc. (Nasdaq:AMGN) is leading the biotech sector higher today after an FDA panel voted against using restrictions on drugs produced by it and Johnson and Johnson (NYSE:JNJ). AMGN shares are higher by 3.53%, while JNJ is gaining 0.72%. Genentech Inc. (NYSE:DNA) and Gilead Sciences (Nasdaq:GILD) are also stronger in the biotech sector, higher by 1.3% and 1.18% respectively.

Major tech companies shares are mixed on the day so far. Nokia Corporation (NYSE:NOK) shares are lower by 2.17% after a judge ordered a stay in the company's patent infringement case against Qualcomm Inc. (Nasdaq:QCOM). Apple Inc. (Nasdaq:AAPL) shares are higher by 2.49%, rebounding from a few recent weaker trading days.

The volume figures are right around where they have been recently on the exchanges as investors wait for next week's FOMC meeting for guidance. Today is a rather light day as far as economic indicators or major news to move the markets goes, so it would be surprising to see stocks set any new trends on a day like today.

With the volume staying light, volatility could be fairly high at times through the remainder of the week, but many will continue to wait until next Tuesday to make any major moves.