Updated at 1:04 p.m. ET

Stocks turned slightly higher after U.S. economic growth was revised higher and pending home sales rebounded in July. Oil prices slipped after a surprise increase in crude inventories. Mostly, investors await the Federal Reserve's Beige Book ahead of Friday's speech by Fed Chairman Ben Bernanke.

The Dow Jones Industrial Average ($INDU) was up 17 points 13,120. The S&P 500 ($INX) was up 2 points at 1,412. The Nasdaq Composite ($COMPX) was up 3 points at 3,080.

On Tuesday, stocks once again lacked direction, trading in a narrow range at low volumes -- low even for this usually quiet summer period. Positive housing data and a disappointing consumer confidence index didn't move the needle much.

With Bernanke speaking at the end of the week at a Fed symposium at Jackson Hole, Wyo., investors mostly looked for signals regarding a potential third round of quantitative easing. While several policymakers favor a large-scale asset-purchasing program, others do not, pointing to more favorable U.S. economic data of late.

US economic data
The U.S. economy grew 1.7% in the second quarter, according to a revised Commerce Department estimate Wednesday. That was faster than the previous GDP growth estimate of 1.5%, showing the economy fared slightly better than originally thought, mostly the result of higher consumer spending and fewer imports than initially reported.

However, the faster pace of economic growth still isn't enough to hold the level of unemployment steady. The pace is still too slow to rule out the need for further easing.

Pending home sales climbed 2.4% in July, exceeding economists' projections. The National Association of Realtors said Wednesday that its index rose to 101.7, the highest since April 2010. The gauge reflects contracts but not closings. On Tuesday, the S&P/Case-Shiller index of home prices in 20 cities showed a rise in June from a year earlier, the first gain since September 2010

The Fed's Beige Book is scheduled for release at 2 p.m.

Europe awaits ECB action
European stocks traded lower Wednesday. European Central Bank President Mario Draghi on Tuesday said he will not attend the Fed meeting. His cancellation increased hopes that the ECB will announce at its meeting next week a bond-buying measure aimed at lowering the borrowing costs facing several European nations.

Germany's Bundesbank opposes the plan. But in an opinion piece published Wednesday in German weekly Die Zeit and aimed at calming German angst about the bank's policy course, Draghi said the ECB must employ "exceptional measures" at times to fulfill its mandate of delivering stable prices, Reuters reported.

Asian stocks ended mostly lower.

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After oil gained Tuesday amid concern about Hurricane Isaac's impact on the Gulf of Mexico, oil futures slipped Wednesday as Isaac made landfall, missing oil platforms. Also weighing on crude was the American Petroleum Institute's weekly inventory report, which showed rising crude stockpiles. Another report released at 10:30 a.m. showed a surprise increase in inventories, further pushing oil prices down.

Stocks to watch
WellPoint (WLP) shares traded higher after the health insurer announced the resignation of CEO Angela Braly. John Cannon will serve as the interim president and CEO while the company looks for a permanent replacement.

Joy Global (JOY) reported at 12% increase in fiscal-third-quarter​ earnings as the mining equipment maker's revenue and margins improved, but bookings continued to decline. The company lowered its full-year earnings estimate and warned that it expects fiscal 2013 revenue to be flat or down slightly if current market conditions continue. 

H.J. Heinz (HNZ) reported a better-than-expected​ 14% rise in fiscal-first-quarter​ earnings as the company benefited from higher sales in emerging markets.

Eli Lilly (LLY) said it will stop developing an experimental schizophrenia drug after a recent analysis showed a late-stage trial on the drug was likely to fail.

General Motors (GM) plans to invest $1 billion over the next five years to expand car and component production in Russia.