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US stocks dip despite oil bounce

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Petroleum-linked stocks opened higher Tuesday on rebounding oil prices but the broader stock market dipped on worries over high valuations.

[NEW YORK] Petroleum-linked stocks opened higher Tuesday on rebounding oil prices but the broader stock market dipped on worries over high valuations.

Oil giants ExxonMobil and Chevron climbed 0.9 per cent and 0.6 per cent respectively, as oil prices recovered some of their losses from Monday.

But analysts expressed concerns about lofty US equity valuations in the wake of mixed economic data and earnings.

Five minutes into trade, the Dow Jones Industrial Average stood at 18,392.73, down 0.1 per cent.

The broad-based S&P 500 shed 0.1 per cent to 2,169.12, while the tech-rich Nasdaq Composite Index lost 0.1 per cent at 5,178.86.

AFP