Stocks Opened Slightly Higher

U.S. stocks opened slightly higher on Wednesday, recovering after enduring their steepest decline in months on Tuesday. The Dow Jones Industrial Average lately added 41.51 points, or 0.24%, to 17,704.45. The S&P 500 was up 4.76 points, or 0.23%, to 2,048.92. The Nasdaq Composite gained 7.72 points, or 0.16%, to 4,867.52.

The Federal Reserve faces an inflation rate that has remained stubbornly below what it is aiming at. It has plenty of company around the world, complicating the Fed’s decision on when to start raising interest rates. The Federal Reserve is already a “little bit too late” in the tightening process, with current economic conditions no longer justifying leaving rates at zero, said St. Louis Fed President James Bullard.

The American Petroleum Institute late Tuesday reported an unexpected decline in crude supplies of 404,000 barrels for the week ended March 6, according to sources. Analysts surveyed by Platts forecast a crude-supply climb of 4.2 million barrels.

Euro zone bond yields kept falling on Wednesday as the European Central Bank hoovered up government debt across the currency union at a rate matching its trillion-euro commitment over 1- 1/2 years.