Stocks Opened Higher as Oil Lifted Energy Shares

U.S. stocks opened higher on Wednesday, driven by energy shares that got a boost from higher oil prices in the wake of plans to renew economic sanctions on Iran. The Dow Jones Industrial Average rose 51.89 points, or 0.21%, to 24,412.10. The S&P 500 advanced 8.43 points, or 0.32% to 2,680.35. The Nasdaq Composite was up 10.35 points, or 0.14%, to 7,277.25.

Crude oil prices hit 3-1/2-year highs on Wednesday after President Donald Trump pulled the United States out of an international nuclear deal with Iran. June West Texas Intermediate crude oil rallied $1.94, or 2.8%, to reach $71 a barrel. July Brent crude climbed $2.01, or 2.7%, to $76.87 a barrel.

Walmart Inc (WMT.N) agreed to pay $16 billion for a roughly 77 percent stake in Indian online marketplace Flipkart. The deal will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com.

Britain’s Vodafone Group PLC has agreed to a nearly $23 billion deal to buy operations in four European countries from John Malone’s Liberty Global PLC, a merger that would create one of the continent’s biggest telecommunications carriers.