US stocks open higher on global rally, oil prices

GMT 05:16 2016 Wednesday ,11 May

Arab Today, arab today US stocks open higher on global rally, oil prices

US stocks
New York - XINHUA

US stocks opened higher on Tuesday as investors assessed oil prices rebound and a rally in global equities.

Wall Street kept a close eye on oil prices Tuesday, as both U.S. oil and Brent crude traded higher in early trading.

Meanwhile, investors also digested a rally in global stocks. Tokyo shares soared Tuesday on the yen's retreat against the U.S. dollar as Japan's finance minister warned again that the government could intervene in the market if the yen continues to strengthen.

Chinese stocks closed higher on Tuesday, with the benchmark Shanghai Composite Index up 0.02 percent, at 2,832.59 points.

In corporate news, shares of Credit Suisse surged nearly 3 percent early Tuesday. The company reported pre-tax loss of 484 million Swiss francs (about 497 million U.S dollars) in the first quarter 2016, but the numbers beat expectations.

Shortly after the opening bell, the Dow Jones Industrial Average was up 110.88 points, or 0.63 percent, to 17,816.79. The S&P 500 rose 9.72 points, or 0.47 percent, to 2,068.41. The Nasdaq Composite Index gained 9.09 points, or 0.19 percent, to 4,759.30.

U.S. stocks closed mixed after wavering in a tight range on Monday, as a weak non-farm payroll report caused investors to revise down the likelihood of the U.S. Federal Reserve hiking rates in June.

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