Stocks Opened Higher after Selloff

U.S. stocks opened slightly higher on Wednesday, as equity benchmarks attempted to recoup some of the prior session’s selloff. The Dow Jones Industrial Average lately added 9.83 points, or 0.05%, to 18,076.58.The S&P 500 gained 3.20 points, or 0.15%, to 2,130.22. The Nasdaq Composite rose 16.88 points, 0.33%, to 5,172.13.

The price of foreign imports to the U.S. fell in August for the first time since February, a sign historically low oil prices continue to weigh on inflation. Import prices, measuring costs for everything from Mexican vegetables to Japanese cars, fell 0.2% in August from a month earlier, the Labor Department said Wednesday.

Crude oil prices rose Wednesday, buoyed mainly by a technical rebound following the sharp fall overnight after several global energy organizations suggested the global glut could last longer than expected. Light, sweet crude futures for delivery in October traded at $45.11 a barrel, up $0.21, or 0.5%. November Brent crude rose $0.28 to $47.23 a barrel.

After months of negotiation, German healthcare giant Bayer has finally won over Monsanto by striking a $128 a share takeover of the St. Louis-based agriculture giant that values the company at $66 billion when including debt. The deal will dramatically expand Bayer in the U.S. and increase its presence in agricultural seeds, where Monsanto is an industry leader.

Bank of America Corp.’s president for Europe, Alex Wilmot-Sitwell, said moving employees and derivatives trading activities from London after Brexit would be “fraught with risk” and require a long transition period after the end of the two-year renegotiation.