Stocks Opened Higher on Coronavirus Stimulus Optimism

U.S. stocks opened higher on Wednesday after China launched fresh measures to support local businesses that are struggling because of the coronavirus outbreak. The Dow Jones Industrial Average lately rose 109.05 points, or 0.37%, to 29,341.24. The S&P 500 added 11.21 points, or 0.33%, to 3,381.50. The Nasdaq Composite gained 61.62 points, or 0.63%, to 9,794.36.

Oil futures headed higher on Wednesday, after the U.S. imposed sanctions on an arm of Russian oil giant Rosneft and as the number of new cases of China’s coronavirus reported daily declined. West Texas Intermediate crude for March delivery rose 73 cents, or 1.4%, to $53.02 a barrel. April Brent crude picked up 80 cents, or 1.4%, to $58.56 a barrel.

Construction of new homes edged back slightly in January. The Commerce Department reported Wednesday that builders started construction on 1.57 million homes at a seasonally adjusted annual rate, a decline of 3.6% from 1.63 million units in December.

Later in the session, the Federal Reserve will release minutes from its January meeting.

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