NEW YORK (TheStreet) -- Stocks moved confidently higher on Wednesday morning as crude oil moved within reach of $62 a barrel and oil inventories fell at a faster-than-expected pace.
The Dow Jones Industrial Average added 0.8%, turning positive for the year. The S&P 500 rose 0.9% and the Nasdaq gained 1%.
Crude oil rallied on Wednesday as weekly domestic oil inventories declined 6.8 million barrels over the week ended June 6, according to the Energy Information Administration. Analysts had expected domestic inventories to fall 1.7 million barrels after a 1.9 million-barrel decline a week earlier. West Texas Intermediate crude jumped 2% to $61.34 a barrel.
Also giving the commodity a boost, the Organization of the Petroleum Exporting Countries said in its monthly report that it expects oversupply to "ease over the coming quarters." OPEC kept its forecast for demand growth unchanged at 1.18 million barrels a day in 2015.
European markets were higher Wednesday, with Germany's DAX up 1.2%, as investors focused on big moves in the pharmaceutical sector and shook off concerns over bonds and Greece's future that have plagued the eurozone in the past week. Drugmakers Roche Holding (RHHBY) and Novartis (NVS) were among the biggest movers on European markets.
Global bonds continued to sell off on Wednesday with yields on the benchmark 10-year Treasury hitting an eight-month high of 2.47%. The German Bund yield moved above 1% for the first time since September. European bonds have been under pressure on signs of economic improvement in the region.
GoPro (GPRO) slid more than 2% after Citigroup lowered its outlook on shipments for the action camera maker to 9.3 million units by 2018, down from a previous forecast of 10.6 million. Analysts said fewer respondents to a survey described GoPro's product line as "appealing." Click here for more.
Netflix (NFLX) shares moved 6.3% higher after stockholders approved a proposal for the board to issue more shares. The move will see Netflix increase its shares outstanding to 5 billion from the current 170 million, a step that increases the likelihood of a stock split. Click here for more.
Mattress Firm (MFRM) fell after reporting first-quarter profit of 33 cents a share, 6 cents short estimates. Sales jumped nearly 69% to $562.6 million, though missed forecasts.
Tesla (TSLA) will begin deliveries of its Model X vehicle in three to four months, according to CEO Elon Musk. Tesla has accepted 20,000 reservations for the model, which has seen production delays due to technical issues.
Target (TGT) confirmed it will raise its dividend 7.7% to 56 cents a share and expand its buyback program by $5 billion after some unintended confusion. The retailer issued the press release on its Web site before retracting it for unknown reasons.
Sanofi (SNY) shares were slightly higher after federal health experts recommended approval for its cholesterol drug developed with Regeneron Pharmaceuticals (REGN). The injectable drug was recommended in a 13-3 vote..
Apple (AAPL) shares were on watch after attorneys general of New York and Connecticut launched an investigation into the recently announced Apple Music streaming service over antitrust laws. The investigation will determine whether the tech giant coerced labels to withdraw support from competing services such as Spotify and Pandora (P). Click here for more.