Stocks Opened Slightly Higher, Oil Prices Rose

U.S. stocks opened slightly higher on Friday, helped by higher oil prices. The Dow Jones Industrial Average lately rose 28.48 points, or 0.14%, to 20,685.06. The S&P 500 added 5.81 points, or 0.25%, to 2,351.77. The Nasdaq Composite was up 29.76 points, or 0.4%, to 5,847.45.

Crude oil prices broke a four-day run of losses on Friday, heading higher after OPEC kingpin Saudi Arabia said it has cut its oil exports to the U.S. dramatically. West Texas Intermediate crude for May deliveryrose 22 cents, or 0.5%, to $47.92 a barrel. Brent for the same month added 24 cents, or 0.5%, to $47.94 a barrel.

The Trump administration has granted a permit for construction of the controversial Keystone XL pipeline, according to the company behind the project.

New orders for key U.S.-made capital goods unexpectedly fell in February, but a surge in shipments amid demand for machinery and electrical equipment supported expectations for an acceleration in business investment in the first quarter.

Micron Technology Inc. (MU) said second-quarter revenue soared 58% to $4.65 billion, fueled by strong demand and higher prices for its memory chips, as well as manufacturing efficiencies that drove costs down. Overall consolidated gross margins soared to 36.7% of revenue, up from 20% a year ago.