Stocks Opened Higher ahead of Powell Speech

U.S. stocks opened higher on Wednesday ahead of a speech from Federal Reserve Chairman Jerome Powell, which will provide further hints at the direction of future monetary policy. The Dow Jones Industrial Average lately rose 186.76 points, or 0.75%, to 24,935.49. The S&P 500 advanced 13.20 points, or 0.49%, to 2,695.37. The Nasdaq Composite climbed 45.04 points, or 0.64%, to 7,127.74.

Oil prices drifted between narrow gains and losses early Wednesday, supported by a weaker dollar but limited by fresh evidence that U.S. supplies continue to build. West Texas Intermediate crude for January delivery was recently up 14 cents, or 0.2%, at $51.69 a barrel. January Brent crude was last down 4 cents, or nearly 0.1%, to $60.16 a barrel.