Stocks Opened Higher, Jobs and Fed in Focus

U.S. stocks opened higher on Wednesday, as Yellen dovish tone gave stocks a lift and ADP reported 200,000 Increase in March Payrolls, Matching Expectations. The Dow Jones Industrial Average lately gained 149.74 points, or 0.85%, to 17,782.85. The S&P 500 added 15.92 points, or 0.77%, to 2,070.93.  The Nasdaq Composite was up 50.86 points, or 1.05%, to 4,897.48.

U.S. private employers added 200,000 jobs in March, above economists’ expectations. Private payroll gains in the month earlier were revised down to 205,000 from an originally reported 214,000 increase.

Oil prices rose on Wednesday, supported by a weaker dollar and industry data showing a smaller-than-expected increase in U.S. oil inventories. Brent crude rose 1.3% to $40.37 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 1.7% at $38.94 a barrel.

Boeing Co will eliminate about 4,000 jobs in its commercial airplanes division by the middle of this year and another roughly 550 jobs in a division that conducts flight and lab tests, company spokespeople told Reuters.