You are here
US: Stocks gain as oil shares bounce
[NEW YORK] Wall Street stocks opened higher on Thursday after two weak sessions, with petroleum-linked shares leading the way thanks to increased oil prices.
Shares of oil producers such as Exxon Mobil and ConocoPhillips climbed more than one per cent after suspected attacks on two tankers in the Gulf of Oman lifted oil prices.
About 20 minutes into trading, the Dow Jones Industrial Average was up 0.4 per cent at 26,114.28.
The broad-based S&P 500 climbed 0.5 per cent to 2,893.26, while the tech-rich Nasdaq Composite Index advanced 0.7 per cent to 7,844.15.
After a dismal May, US stocks have been on the upswing for most of June as dovish statements from Federal Reserve officials have reassured investors worried about weakening economic data and ongoing trade conflicts.
Among individual companies, yoga attire company Lululemon Athletica shot up 4.5 per cent after first-quarter earnings and sales topped analyst expectations.
Tyson Foods gained 1.9 per cent as it launched a slate of alternative protein products, including plant-based items and offerings that mix plant ingredients with meat.