Stocks Opened Higher as Oil Rebounded

U.S. stocks opened higher on Wednesday, taking their cue from a rebound in oil prices. The Dow Jones Industrial Average lately gained 35.20 points, or 0.22%, to 16,188.74. The S&P 500 added 1.09 points, or 0.06%, to 1,904.12. The Nasdaq Composite was down 6.79 points, or 0.15%, to 4,510.16.

Oil prices rose on Wednesday in volatile trade ahead of key U.S. supply data but the global oversupply of crude continued to weigh on the market. Brent crude rose 1.3% to $33.14 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 1.6% at $30.35 a barrel.

U.S. businesses added a solid 205,000 jobs last month, lifted by robust gains in services and construction and extending a streak of steady hiring, according to a private survey.

Fargo & Co said it would pay $1.2 billion to resolve some civil claims related to its Federal Housing Administration lending program between 2001 and 2010. Payroll processor ADP said Wednesday that financial services, retailers and professional services firms also hired at a steady pace.

Strong earnings in North America and China and a reversal of fortunes in Europe powered General Motors to a record net profit of $9.7 billion last year. The profit more than doubled GM’s 2014 earnings and was aided by a $3.9 billion fourth-quarter accounting gain rebound.