Stocks Opened Higher as Oil Rallied

U.S. stocks opened higher on Wednesday, partly due to jump in oil prices to above $51 a barrel. The Dow Jones Industrial Average lately added 63.62 points, or 0.35%, to 18,001.90. The S&P 500 was up 5.95 points, or 0.28%, to 2,118.08. The Nasdaq Composite gained 11.38 points, or 0.23%, to 4,973.13.

Oil prices reached fresh highs on Wednesday after data from an industry group showed a decline in U.S. crude stockpiles and figures out of China indicated strong demand. Brent crude rose 1.4% to $52.19 a barrel. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 1.4% at $51.07 a barrel.

Amazon (AMZN) will invest $3 billion in India this year, chief executive Jeff Bezos said on Tuesday, as it looks to step up its challenge to local e-commerce players. The new money comes on top of the $2 billion announced in 2014, bringing Amazon’s total investment in India to $5 billion.

Spirit AeroSystems Holdings Inc. on Wednesday said Chief Executive Larry Lawson will retire next month and be replaced by Chief Operating
Officer Tom Gentile, whose hiring was announced four months ago by the fuselage maker amid succession speculation.