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Energy shares lift US stocks

AFP

Energy equities helped lift US stocks in opening trade Thursday after Alcoa opened earnings season with a mixed report.

Five minutes into trade, the Dow Jones Industrial Average was at 17,957.96, up 55.45 points (0.31 percent).

The broad-based S&P 500 rose 5.31 (0.26 percent) to 2,087.21, while the tech-rich Nasdaq Composite Index advanced 19.38 (0.39 percent) to 4,970 20.

Anadarko Petroleum rose 1.2 percent and Marathon Oil jumped 1.6 percent as US oil prices opened higher. Many analysts also expect more consolidation in energy on the heels of Royal Dutch Shell's acquisition of BG Group.

Alcoa, the first large industrial company to report earnings, fell 3.3 as first-quarter earnings swung to $195 million compared with a $178 million loss in the year-ago period.

But the metals giant said it was studying whether to shut additional smelters and refineries. Previous closures of older assets have led to large charges.