Stocks Opened Higher as Banks Rose

U.S. stocks opened higher on Wednesday as financial stocks rose and after a report that investors overreacted to ECB chief Mario Draghi’s view on fiscal stimulus. The Dow Jones Industrial Average lately rose 91.37 points, or 0.43%, to 21,402.03. The S&P 500 gained 9.90 points, or 0.41%, to 2,429.28. The Nasdaq Composite added 9.47 points, or 0.15%, to 6,156.10.

Oil edged lower toward $47 a barrel on Wednesday after an industry report said U.S. inventories increased, reviving concerns that a three-year supply glut is far from over. Brent crude was down 5 cents at $46.60 a barrel at 1312 GMT. U.S. crude fell 15 cents to $44.09 a barrel.

European Central Bank President Mario Draghi intended to signal tolerance for a period of weaker inflation, not an imminent policy tightening, when his comments sent the euro higher this week, sources familiar with Draghi’s thinking said on Wednesday.

An early look at U.S. trade patterns in May points to a small decline in the nation’s trade deficit. The advanced trade gap in goods — services are excluded — fell by 1.8% to $65.9 billion in May, the U.S. Census Bureau said Wednesday.