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US: Strength in Apple, oil shares lifts US stocks

Monday, October 10, 2016 - 22:03
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Wall Street stocks opened higher Monday with Apple gaining on news of more trouble with rival smartphone-maker Samsung and petroleum-linked shares advancing on higher oil prices.

[NEW YORK] Wall Street stocks opened higher Monday with Apple gaining on news of more trouble with rival smartphone-maker Samsung and petroleum-linked shares advancing on higher oil prices.

Apple added 1.1 per cent as Samsung Electronics acknowledged it was adjusting production of the Galaxy Note 7 smartphone due to reports that replacement units for devices with exploding lithium-ion batteries are also catching fire.

Dow members ExxonMobil and Chevron both rose about one percent as US oil prices climbed above US$50 a barrel.

Five minutes into trade, the Dow Jones Industrial Average stood at 18,364.04, up 0.7 per cent.

The broad-based S&P 500 advanced 0.6 per cent to 2,165.96, while the tech-rich Nasdaq Composite Index gained 0.6 per cent to 5,324.55.

AFP