Stocks Opened Higher after Inflation Data

U.S. stocks opened higher on Wednesday after a round of tame inflation data and largely upbeat corporate earnings. The Dow Jones Industrial Average lately rose 102.50 points, or 0.33%, to 31,478.33. The S&P 500 added 14.48 points, or 0.37%, to 3,925.71. The Nasdaq Composite gained 67.92 points, or 0.48%, to 14,075.62.

Oil futures rose Wednesday, looking to extend a winning streak on upbeat expectations about another large round of U.S. government spending and after industry data showed a large drop in crude inventories. West Texas Intermediate crude for March delivery rose 36 cents, or 0.6%, to $58.72 a barrel. April Brent crude was up 46 cents, or 0.7%, at $61.55 a barrel.

A core measure of consumer price changes increased less than expected in January, according to the Labor Department’s monthly report Wednesday, as inflationary trends remained tame during the ongoing pandemic. The headline consumer price index (CPI) rose 0.3% in January over December, matching estimates, according to Bloomberg consensus data.

General Motors (GM) reported fourth-quarter earnings and revenue that topped expectation. Adjusted earnings were $1.93 per share on revenue of $37.52 billion, with both metrics better than the $1.57 per share on revenue of $35.88 billion expected.