Stocks Opened Higher, Oil Extended Gains

U.S. stocks opened higher on Friday as investors took comfort in rising oil prices. The Dow Jones Industrial Average lately rose 131.33 points, or 0.56%, to 23,646.59. The S&P 500 gained 14.74 points, or 0.53%, to 2,812.54. The Nasdaq Composite advanced 29.21 points, or 0.34%, to 8,523.96.

Oil futures on Friday headed higher, as commodity investors attempted to take stock of a historic collapse in prices that cast a global spotlight on problems of oversupply and dwindling storage in the energy complex. June West Texas Intermediate crude gained 40 cents, or 2.6%, at $16.92 a barrel. June Brent crude rose 68 cents, or 2.7%, at $25.46 a barrel.

American Express Company (NYSE: AXP) today reported first-quarter net income of $367 million, or $0.41 per share, compared with net income of $1.6 billion, or $1.80 per share, a year ago.

Verizon Communications Inc withdrew its full-year revenue outlook on Friday. In the first quarter, Verizon’s earned $1.26 per share, above analysts’ average estimate of $1.22, according to IBES data from Refinitiv.Total operating revenue for the wireless carrier fell 1.6% to $31.6 billion from a year earlier.