Stocks Opened Higher after Economic Data

U.S. stocks opened higher on Wednesday as economic data further eased fears of faster interest rate hikes in 2018. The Dow Jones Industrial Average lately rose 49.95 points, or 0.20%, to 25,056.98. The S&P 500 gained 6.39 points, or 0.23%, to 2,771.70. The Nasdaq Composite added 15.54 points, or 0.21%, to 7,526.56.

Oil prices edged higher on Wednesday, ahead of the latest U.S. inventory data. April West Texas Intermediate crude rose 53 cents, or 0.9%, to $61.25 a barrel. May Brent crude was up 49 cents, or 0.7%, to $65.11 a barrel.

Retail sales at U.S. retailers fell in February. The monthly decline was 0.1%. The decline in retail sales last month was largely concentrated in auto dealers, gas stations and traditional department stores, the Commerce Department said Wednesday.

U.S. wholesale prices rose a mild 0.2% in February, the latest sign that inflation has throttled back after flaring up in early 2018. The 12-month rate of wholesale inflation edged up to 2.8%, but it’s still below a recent peak of 3.1%.

Walmart said on Wednesday that it planned to offer home delivery of groceries bought online in 100 cities in the United States, as it seeks to compete with rival retailers, led by Amazon, amid an accelerating campaign for control of America’s kitchen cupboards.

Shares of German sportswear firm Adidas (ADSGn.DE) soared on Wednesday after it announced a large buyback, gave an upbeat outlook for 2018 and lifted its 2020 profitability forecast, helped by rapid growth of ecommerce.