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US stocks flat as Alcoa falls, oil shares gain

AFP

US stocks were little changed in opening trade Friday as weak earnings by Alcoa offset gains by some petroleum-linked equities on higher oil prices.

Five minutes into trade, the Dow Jones Industrial Average was at 17,068.70, up 17.95 points (0.11 percent).

The broad-based S&P 500 added 1.51 (0.07 percent) at 2,014.94, while the tech-rich Nasdaq Composite Index slipped 0.95 (0.02 percent) to 4,809.84.

Alcoa was off 2.7 percent after it reported after markets closed Thursday a 70.4 percent drop in third-quarter earnings to $44 million. The metals giant trimmed its outlook for key Chinese businesses.

But oil services companies Weatherford International and Nabors Industries rose by 2.8 percent and 1.1 percent, respectively, as US oil prices opened above $50 a barrel.