Opening Bell: U.S. Stocks Rise on Oil Gains; Wells Fargo Cuts Profit Targets

U.S. stocks opened higher on Wednesday as oil prices moved closer to $50 a barrel.
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U.S. stocks opened higher on Wednesday as oil prices moved closer to $50 a barrel. Fresh data showed U.S. crude inventories continue to fall. Meanwhile, Greece reached a deal with the International Monetary Fund, securing $11.5 billion in fresh loans on Wednesday. In July 2015, Greece defaulted on a $1.7 billion payment to the Washington-based fund. Wednesday's deal comes in addition to the $96 billion bailout program Greece agreed to last summer, which capped months of drama that rocked global markets. Wells Fargo (WFC) - Get Report shares were in focus after the banking giant cut its profit targets for the next two years. Return on equity, a key profitability gauge for banks, is expected to stand between 11 percent and 14 percent, compared to a previously anticipated 12 percent to 15 percent. Hewlett Packard Enterprise (HPE) - Get Report shares surged some 13 percent Wednesday after announcing plans to sell its enterprise services division to Computer Sciences (CSC) . TheStreet's Scott Gamm reports from Wall Street.