Stocks Opened Higher, Oil Prices Rose

U.S. stocks opened higher on Wednesday, as the financials, materials and energy sectors led gains. The Dow Jones Industrial Average lately added 232.81 points, or 0.84%, to 27,919.72. The S&P 500 rose 30.78 points, or 0.92%, to 3,364.47. The Nasdaq Composite gained 119.77 points, or 1.11%, to 10,902.60.

Oil futures traded higher Wednesday, buoyed after an industry trade group reported a fall in U.S. crude supplies. West Texas Intermediate crude for September delivery gained 68 cents, or 1.7%, to reach $42.29 a barrel. October Brent crude traded 67 cents, or 1.5%, higher at $45.17 a barrel.

U.S. consumer prices increased more than expected in July. The Labor Department said on Wednesday its consumer price index rose 0.6% last month after rebounding 0.6% in June.

Moderna (MRNA) announced a deal to supply the US government with 100 million doses of its Covid-19 vaccine candidate currently in late-stage human trials.