Stocks Opened Higher, Oil Rallied

U.S. stocks opened higher on Friday as the International Energy Agency declared a bottom in oil prices, sending crude futures higher and lifting sentiment. The Dow Jones Industrial Average lately added 174.52 points, or 1.03%, to 17,169.65. The S&P 500 gained 19.78 points, or 0.99%, to 2,009.35. The Nasdaq Composite was up 50.32 points, or 1.08%, to 4,712.48.

Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency that said the market may have reached its bottom. U.S. crude futures were trading at $38.64 a barrel at 1308 GMT, up 80 cents from their last close. Brent crude futures were at $40.65 a barrel, up 60 cents, and on track for their third weekly gain in a row.

U.S. import prices fell in February for an eighth straight month, weighed down by declining costs for petroleum and a range of other goods, but the pace of decline is slowing as the dollar’s rally fades and oil prices stabilize. The Labor Department said on Friday import prices slipped 0.3 percent last month after a revised 1.0 percent decrease in January.

General Motors Co. is buying Cruise Automation Inc., a Silicon Valley startup that could help the auto maker speed its development of autonomous technology and give it an edge over companies looking to introduce driverless cars.

Deutsche Bank AG, which runs Europe’s biggest investment bank, cut its bonus pool by 11 percent after rising legal expenses hurt earnings last year and said volatility in financial markets means the first quarter may be challenging.