Stocks Opened Higher after U.S. Plan for China Investments

U.S. stocks opened slightly higher on Wednesday, after the Trump administration said it would use a strengthened security review process to deal with threats from Chinese investments in domestic technologies, instead of imposing China-specific restrictions. The Dow Jones Industrial Average lately rose 143.90 points, or 0.59%, to 24,427.01. The S&P 500 added 15.24 points, or 0.56%, to 2,738.30. The Nasdaq Composite climbed 32.39 points, or 0.43%, to 7,594.01.

Crude prices continued to climb Wednesday as traders mulled the potential threat to supply after the Trump administration raised pressure on Iran’s oil industry. Brent crude was up 62 cents, or 0.9%, to $76.47 a barrel. West Texas Intermediate futures were trading up 49 cents, or 0.6%, to $71.15 a barrel.

New orders for key U.S.-made capital goods and shipments unexpectedly fell in May, but data for the prior month was revised higher, suggesting moderate growth in business spending on equipment in the second quarter.The Commerce Department said orders for non-defense capital goods excluding aircraft slipped 0.2 percent last month. Data for April was revised to show the so-called core capital goods orders surging 2.3 percent instead of the previously reported 1.0 percent rise.

Cheerios cereal maker General Mills Inc (GIS) on Wednesday reported a quarterly profit that topped analysts’ estimates. Gross margins of the company rose to 36.5 percent in the fourth quarter from 34.7 percent a year earlier. Excluding certain items, General Mills earned 79 cents per share.