Stock Opened Higher, Oil Prices Rose

U.S. stocks opened higher on Wednesday, as investors continued to focus their attention on energy, with US crude oil prices recovering slightly. The Dow Jones Industrial Average lately rose 153.06 points, or 0.61%, to 25,439.55. The S&P 500 gained 18.45 points, or 0.68%, to 2,740.63. The Nasdaq Composite advanced 56.89 points, or 0.79%, to 7,257.77.

U.S. oil prices wavered early Wednesday as investors continued to wrestle with rising crude supplies against lingering questions about demand. West Texas Intermediate oil for December delivery rose 23 cents, or 0.4%, at $55.91 a barrel. January Brent last up 83 cents, or 1.3%, at $66.30 a barrel.

Americans paid more in October for gas, rent and used vehicles, triggering the biggest increase in consumer inflation in nine months. The consumer price index climbed 0.3% in October to mark the biggest advance since January, the government said Wednesday.

Macy’s Inc (M) raised its annual earnings forecast on Wednesday, signaling a strong holiday shopping season ahead, as the department store chain builds on a recovery strategy that focuses on its well-performing stores and expanding online.

Canadian cannabis producer Canopy Growth posted a bigger-than-expected quarterly net loss on Wednesday on higher spending before the full legalisation of recreational use of pot in mid-October. Its net loss widened to C$330.6 million ($249.77 million), or C$1.52 per share, in the quarter ended Sept. 30.Revenue rose 33 percent to C$23.3 million in the quarter.