Stocks Opened Mostly Higher after GDP Update

U.S. stocks opened mostly higher on Wednesday, as a reading of fourth-quarter gross domestic product was raised. The Dow Jones Industrial Average lately rose 60.22 points, or 0.25%, to 23,917.93. The S&P 500 gained 0.79 point, or 0.03% to 2,613.41. The Nasdaq Composite declined 40.15 points, or 0.57%, to 6,968.65.

Oil futures continued to track lower on Wednesday, weighed by another rough session for U.S. stocks, and ahead of supply data that could show a sharp gain in U.S. crude supply. May West Texas Intermediate crude shed 65 cents, or 1%, to $64.60 a barrel, while May Brent crude fell 54 cents, or 0.8%, to $69.57 a barrel.

The U.S. economy grew in the fourth quarter at a faster pace than last estimated, helped by an upward revision to household spending on services and a smaller drag from inventories, according to Commerce Department data released Wednesday. Gross domestic product grew at a 2.9% annualized rate, (est. 2.7%) revised from 2.5%.

Walgreens Boots Alliance Inc. (WBA) reported fiscal second-quarter results that beat expectations and raised earnings guidance. Net income for the quarter to Feb. 28 rose to $1.35 billion, or $1.36 a share, from $1.06 billion, or 98 cents a share, in the same period a year ago. Revenue grew to $33.02 billion from $29.45 billion.