Wall Street Opens Higher With Oil On the Upswing

July 9, 2008 10:59 a.m. EST

New York, NY (AHN) - Wall Street investors reacted to news of Iran firing missile tests, pushing the price of oil up after several days of crude oil losing ground. In a continuation of Tuesday's 150-point rally, markets opened higher Wednesday.

At 9:37 Eastern, the Dow Jones Industrial Average was up 17 points at 11,401. On Tuesday, the big board closed 152 points higher after the Federal Reserve signaled it would extend the time for banks to borrow cash, possibly easing a worrisome credit crunch.

In broader trading, the Standard and Poor's 500 was down less than $1 to 1,273. Tuesday, the S&P closed up 21 points.

The tech-centric Nasdaq Composite got off to a positive start, gaining $1 to 2,294. The index closed yesterday, adding 51 points.

In commodities, crude oil is up $1.51 to $137.55. The jump in prices followed news Iran test fired a long-range missile capable of reaching Israel. Later this morning, teh government is expected to release its weekly crude oil inventory figures. Politicians are debating whether to release some of the inventory to ease gas prices.

Gold prices fell, dropping 20 cents to $923.10 as the U.S. dollar becomes more competitive with other world currency.