Stocks Opened Higher as Financials Led

U.S. stocks opened solidly higher on Friday, as bank stocks gained after passing the Federal Reserve’s annual regulatory stress test. The Dow Jones Industrial Average lately rose 150.07 points, or 0.61%, to 24,611.77. The S&P 500 climbed 10.52 points, or 0.38%, to 2,760.28. The Nasdaq Composite was down 7.04 points, or 0.09%, to 7,705.91.

Oil futures retained strong gains Friday as members of the Organization of the Petroleum Exporting Countries appeared to make progress toward a deal on raising output that would result in a smaller boost to production than had been feared. August light, sweet crude was recently up 82 cents, or 1.3%, at $66.36 a barrel. Brent crude rose 98 cents, or 1.3%, to $74.03 a barrel.

OPEC agreed on Friday on a modest increase in oil production from July after its leader Saudi Arabia persuaded arch-rival Iran to cooperate amid calls from major consumers to help reduce the price of crude and avoid a supply shortage.