Stocks Opened Higher, Led by Tech Shares

U.S. stocks opened higher on Wednesday, as tech stocks led strongly to the upside, with election outcome still unclear. The Dow Jones Industrial Average lately rose 554.98 points, or 2.06%, to 27,480.00. The S&P 500 was up 58.78 points, or 1.78%, to 3,369.02. The Nasdaq Composite jumped 202.96 points, or 1.85%, to 11,160.60.

Oil futures rose Wednesday, brushing off an unclear outcome in the U.S. presidential election as investors focus on signs of falling crude inventories and prospects for action by the Organization of the Petroleum Exporting Countries and their allies to delay the relaxation of output curbs early next year. West Texas Intermediate crude for December delivery rose 99 cents, or 2.6%, to $38.65 a barrel. January Brent crude was up $1.06, or 2.7%, at $40.77 a barrel.

ADP’s closely watched report on private payrolls sharply missed expectations for October, with the print showing private sector employers added back just 365,000 jobs for the month.