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US market opens higher to recover from losses

The US stock market opened higher on Tuesday, trying to recover from massive losses in the previous session.

The Dow Jones climbed 131 points, or 0.4%, to 34,133 at 9.48 p.m. EDT, while the S&P 500 was up 20, or 0.47%, to 4,320.

The Nasdaq increased 85 points, or 0.6%, to 14,341.

Facebook’s stock was up 1% to $329.50 per share after it closed Monday at $326.23 on a 4.9% loss amid a global outage affecting its services, including Instagram and WhatsApp.

The rise in markets came despite the US trade deficit rising 4.2% to $73.3 billion in August, compared to the previous month, according to the Commerce Department.

The rise in stock prices at tech companies and oil firms carried indices higher.

While Netflix and Twitter rose 3.6% and 2.7%, respectively, Chevron rose 2.4%, while ExxonMobil and ConocoPhillips added more than 1.4% apiece with rising oil prices.

Crude prices were up, around their three-year highs once again, with more than a 1.8% gain. Brent crude was trading at $82.77 per barrel and the US benchmark West Texas Intermediate was at $79 a barrel.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed Monday that it would not pump more oil despite rising global demand. OPEC+ said it would implement a previously agreed production rise in November, strictly sticking to the existing plan.

The yield on 10-year US Treasury notes was up again with a 2.5% gain to 1.519%, while the dollar index rose 0.22% to 93.98.

Precious metals reversed course, losing gains from the previous day with gold falling 0.9% to $1,753 per ounce and silver losing 1% to $22.46 an ounce.

Source: Anadolu Agency