US stocks trade mixed around midday amid oil rebound, data

US stocks were mixed around midday Tuesday, as investors assessed gains in oil prices and the newly-released economic data.

By noon, the Dow Jones Industrial Average edged up 4.45 points, or 0.02 percent, to 17,981.69. The S&P 500 rose 3.56 points, or 0.17 percent, to 2,091.35. The Nasdaq Composite Index fell 4.88 points, or 0.10 percent, to 4,890.91.

Oil prices jumped Tuesday on the weaker U.S. dollar, with both U.S. oil and Brent crude rising over 2 percent around midday.

On the economic front, new orders for manufactured durable goods in March increased 1.8 billion dollars or 0.8 percent to 230.7 billion dollars, missing market consensus of 1.6 percent, reported the U.S. Labor Department Tuesday.

"Durable orders rose, but not as much as expected. Weak corporate profits appear an ongoing drag on equipment spending," said Chris Low, chief economist at FTN Financial, in a note.

The S&P/Case-Shiller Home Price Indices, the leading measure of US home prices, showed that the 10-City Composite gained 5.01 percent year over year in February, while the 20-City Composite added 5.67 percent.

Meanwhile, investors kept a close eye on the Federal Reserve's policy meeting. The Federal Open Market Committee will announce its latest rate decision when it concludes a two-day meeting on Wednesday.

The U.S. central bank is widely expected to leave interest rates unchanged after a mixed bag of economic data and recent volatility in financial markets.

Investors will look into the statement for indications on the potential for a hike at the June meeting.