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US: Stocks flat as oil prices rally

Tuesday, August 4, 2015 - 21:44
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US stocks fell in opening trade Monday, kicking off a week that includes earnings from Wal-Mart Stores and the release of Federal Reserve meeting minutes.

[NEW YORK] US equities opened little changed on Tuesday as oil prices rallied and the Chinese stock market notched strong gains following new government measures to counter volatility.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,613.30, up 15.10 points (0.09 per cent).

The broad-based S&P 500 added 0.68 (0.03 per cent) at 2,098.72, while the tech-rich Nasdaq Composite Index dipped 3.37 (0.07 per cent) to 5,112.02.

Dow member Chevron added 1.0 per cent and EOG Resources rose 1.1 per cent as oil prices opened higher. Weakness in petroleum-linked equities had been a major factor behind Monday's drop in US stocks.

The benchmark Shanghai Composite Index jumped 3.7 per cent as China announced new rules restricting short selling, lifting a volatile market that has been a source of unease for investors globally.

Briefing.com analyst Patrick O'Hare described sentiment as "lackluster," attributing the mindset to a mix of mediocre economic data and anemic trading volumes due to summer "vacationitis" in the US.

AFP

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