NEW YORK - Investors' optimism about the nation's banks wavered Wednesday, erasing most of a big early advance.

Energy stocks showed some of the biggest gains after oil topped $62 a barrel for the first time since November. But financials turned mixed after enthusiasm about Bank of America Corp.'s ability to raise billions of dollars by selling stock couldn't erase fears that banks are still a long way from scrubbing all the stains off their balance sheets.

"There is some uncertainty about the financials as a sector and people are a little bit leery about getting too involved with them," said Doreen Mogavero, president of Mogavero, Lee & Co. in New York.

Bank of America rose in response to news that it raised $13.5 billion through the sale of 1.25 billion shares. The stock sale puts the bank more than halfway toward raising the $33.9 billion in capital the government is requiring as a result of its stress test of 19 big banks. The company already raised $7.3 billion from the sale of a business in Asia since the government issued its report cards for banks on May 7.

Meanwhile, regional bank Regions Financial Corp. fell after announcing plans to raise $1.25 billion in capital to meet the government's requirement.

Getting banks on a more stable footing could boost lending and help create a sustained recovery in the economy. Analysts said it is a welcome sign of stability in the stock market that banks have been able to raise capital by selling stock.

"If you talked about doing that in December it would not have been available. There wouldn't have been any capital from investors," said Fred Fraenkel, vice chairman of Beacon Trust Co.

In early afternoon trading, the Dow Jones industrials rose 11.47, or 0.1 percent, to 8,486.32. The Standard & Poor's 500 index advanced 2.61, or 0.3 percent, to 910.74, and the Nasdaq composite index rose 1.51, or 0.1 percent, to 1,736.05.

Stocks ended mixed Tuesday after a record low in housing construction stirred unease about the economy's direction. The S&P 500 index has rallied 34.2 percent since March 9 as investors have set aside some of their biggest worries about the economy sliding into a depression.

Investors are again looking to Washington for insights into the economy. Treasury Secretary Timothy Geithner said banks identified in the stress tests as having capital shortfalls have raised $48 billion of the $75 billion that the government said they needed. He also told the Senate Banking Committee that nine of the banks without shortfalls have raised about $8 billion that they will use to repay the government.

Minutes are also due at 2 p.m. Eastern time from the Federal Reserve's April meeting.