Stocks Opened Higher as Trade Deficit Narrowed

U.S. stocks opened higher on Wednesday, as a read on domestic trade pointed to a slimmer deficit at the start of the year. The Dow Jones Industrial Average lately rose 53.06 points, or 0.21%, to 25,710.79. The S&P 500 added 2.08 points, or 0.07%, to 2,820.54. The Nasdaq Composite was up 0.42 point, or 0.01%, to 7,691.94.

Oil markets managed slim gains on Wednesday, as investors continued to weigh signs of reduced global supplies against fading concerns that slowing economic growth that could sap oil demand. West Texas Intermediate crude for May delivery fell 21 cents, or 0.4%, to $59.73 a barrel. May Brent crude tacked on 12 cents, or 0.2%, to $68.08 a barrel.

The U.S. trade deficit narrowed by the most in 10 months in January likely as China boosted purchases of soybeans, leading to a rebound in exports after three straight monthly declines. The Commerce Department said the trade deficit declined 14.6 percent, the largest drop since March 2018, to $51.1 billion.