Stocks Opened Higher after Fed Interest-rate Cut

U.S. stocks opened higher on Wednesday, one day after a surprise Federal Reserve interest-rate cut spooked investors. The Dow Jones Industrial Average lately rose 606 points, or 2.3%, to 26,524. The S&P 500 gained 50.85 points, or 1.69%, to 3,054.22. The Nasdaq Composite jumped 118.40 points, or 1.36%, to 8,802.49.

U.S. benchmark oil futures on Wednesday were trading higher as commodity experts wager that an important OPEC meeting and its allies will result in a cut in output to stabilize prices. April West Texas Intermediate crude rose 83 cents, or 1.5%, to reach $48.01 a barrel. May Brent crude advanced 80 cents, or 1.5%, at $52.69 a barrel.

Private payrolls rose by a 183,000 in February, according to a monthly report from ADP/Moody’s. This beat expectations for a rise of 170,000, according to Bloomberg-compiled consensus data.