US stocks push higher despite growth worries

[NEW YORK] US stocks opened higher Wednesday, boosted by gains in petroleum-linked shares despite worries about sluggish global growth.

Oil prices continued their upward trajectory ahead of a key US petroleum inventory report, boosting shares of ExxonMobil, Schlumberger and other energy equities.

But analysts said news that the World Bank slashed its 2016 global growth forecast to 2.4 per cent from 2.9 per cent limited investor enthusiasm for stocks.

Five minutes into trade, the Dow Jones Industrial Average was at 17,983.30, up 0.3 per cent.

The broad-based S&P 500 advanced 0.2 per cent to 2,115.80, while the tech-rich Nasdaq Composite Index gained 0.1 per cent to 4,968.95.

AFP