Stocks Opened Higher as Tech Shares Recovered Some Losses

U.S. stocks opened higher on Wednesday as tech shares looked to make up some of their declines from earlier this week. The Dow Jones Industrial Average lately advanced 46.00 points, or 0.16%, to 29,466.92. The S&P 500 rose 19.70 points, or 0.56%, to 3,565.23. The Nasdaq Composite added 147.96 points, or 1.28%, to 11,701.82.

Oil futures jumped Wednesday, adding to the week’s gains on optimism that the prospect of COVID-19 vaccine will support an economic recovery, along with industry data that showed a large drop in U.S. crude inventories. West Texas Intermediate crude for December delivery rose 96 cents, or 2.3%, to $42.32 a barrel, while January Brent crude advanced $1.10, or 2.5%, to $44.71 a barrel.

Lyft’s 3Q sales top estimates and company maintains outlook for profit next year. Third-quarter revenue came in at $499.7 million, which while down 48% over last year, was still better than the $495.8 million expected.