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Rising petroleum shares boost US stocks

AFP

Wall Street stocks opened higher Thursday, boosted by a surge in oil prices that lifted petroleum-linked shares.

US oil prices were up about four percent after a huge wildfire prompted evacuations in the Canadian oil city of Fort McMurray and led producers to shut or reduce output. That lifted petroleum producers such as Hess, Apache and Marathon Oil by two percent or more.

The early gains came on the heels of two straight days of losses on worries about slow global growth.

About five minutes into trade, the Dow Jones Industrial Average was at 17.692.49, up 0.2 percent.

The broad-based S&P 500 rose 0.2 percent to 2,056.13, while the tech-rich Nasdaq Composite Index gained 0.3 percent at 4,738.82.