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Stocks Opened Slightly Higher, Oil Prices Edged Higher

-- Wednesday, January 13, 2021, 9:52 --

U.S. stocks opened slightly higher on Wednesday, as tech shares recovered some losses. The Dow Jones Industrial Average lately edged lower 4.79 points, or 0.02%, to 31,063.90. The S&P 500 edged up 0.07 point, to 3,801.26. The Nasdaq Composite advanced 16.17 points, or 0.12%, to 13,088.60.

Oil futures continued their push higher Wednesday, buoyed by industry data that showed a drop in U.S. crude inventories as investors brushed off tightening restrictions on business activity due to the COVID-19 pandemic. West Texas Intermediate crude for February delivery rose 20 cents, or 0.4%, to $53.41 a barrel. March Brent crude was up 13 cents, or 0.2%, to $56.71 a barrel.

Consumer prices grew at a faster rate in December over November as energy prices picked back up at the end of the year. The Bureau of Labor Statistics’ Consumer Price Index (CPI) rose 0.4% in December following November’s 0.2% monthly rise.

U.S. mortgage applications jumped 16.7% during the week ended January 8 over the prior week, according to the Mortgage Bankers Association, as low interest rates and an improving economic outlook amid the vaccine roll-out spurred demand.

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