U.S. stocks open higher ahead of Fed Beige Book

U.S. stocks opened higher Wednesday as Wall Street awaited the Federal Reserve's Beige Book scheduled for release in the afternoon.

Investors kept a close eye on the Fed's Beige Book for more clues on the timing of the next rate hike in a post-Brexit environment.

After a robust June nonfarm payrolls report, analysts believed that the concerns of an economic slowdown in the United States have been mollified, as May's payrolls rose only by 38,000 and notched the fewest monthly job gains in almost six years.

On the economic front, U.S. import prices increased 0.2 percent in June after rising 1.4 percent in May, while prices for U.S. exports rose 0.8 percent in June following an advance of 1.2 percent in May, the Labor Department announced Wednesday.

Shortly after the opening bell, the Dow Jones Industrial Average rose 39.99 points, or 0.22 percent, to 18,387.66. The S&P 500 added 3.87 points, or 0.18 percent, to 2,156.01. The Nasdaq Composite Index was up 8.43 points, or 0.17 percent, to 5,031.25.

On Tuesday, U.S. stocks rallied for a third straight day, with the Dow and the S&P 500 ending at their new records, as investors cheered over a strong rebound in oil prices. Endi