US stocks are modestly higher after Tuesday's trading session that erased gains for the year.

Just after 2:50 p.m. ET, the S&P was up 17 points, the Nasdaq was up 2 points, and the Dow was up 3 points.

The euro extended its slide, touching a fresh 12-year low against the dollar. It has fallen to as low as $1.0512 on Wednesday and is down nearly 12% this year. The start of the European Central Bank's bond buying program this week has plunged government bond yields across the bloc, dimming the attractiveness of assets in the region. This is as the Federal Reserve's monetary policy heads in the opposite direction, with interest rate hikes expected this year. Deutsche Bank has forecast that the euro could reach parity with the dollar by the end of this year. 

The Energy Information Administration reported that US oil inventories increased yet again last week, by 4.5 million to 448.9 million barrels, the highest for this time of the year in at least 80 years. West Texas Intermediate Crude oil is lower by less than 1%, at around $48.20 a barrel.

At 2:00 p.m., we'll get the Treasury budget.

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