US stock market opens to new record levels

By Ovunc Kutlu

NEW YORK (AA) - Wall Street opened higher for the fourth consecutive trading day on Wednesday as the positive outlook in the market continued to rally bullish sentiment among investors.

The Dow Jones rose 38 points to begin the day at 18,385 points, while the S&P 500 was up 4 points to open at 2,156. The Nasdaq gained 9 points to begin the day at 5,032.

With the strong opening, the Nasdaq reached its new highest level this year, while the Dow and the S&P both climbed to new all-time record levels.

On Tuesday, the Dow ended the day at 18,347 points, and the S&P 500 closed at 2,152 – both breaking all-time records. And, the Nasdaq ended at 5,023 points, erasing all its losses for 2016 and reaching its highest level this year.

Meanwhile, oil prices were on the decline on Wednesday at the stock market opening, after the International Energy Agency said Wednesday global oil supply surged in June, compared to the previous month, and the world's biggest oil exporter Saudi Arabia pumped crude at an all-time near-record rate last month.

At the first bell, American benchmark West Texas Intermediate traded at $46.35 a barrel, a 1.3 percent fall, while international benchmark Brent crude was at $47.90 per barrel, a 1.7 percent loss.

Markets will focus Wednesday on the weekly change in the U.S.' crude oil and gasoline inventories, which could push oil prices further down if the data comes below market expectations.

Investors will also follow Wednesday the Federal Reserve's Beige Book, import and export price indices for June, and the federal budget balance for last month.