US stocks open higher as oil continues to recover

| Wednesday, March 2, 2016 - 09:10
First Published |
New York Stock Exchange

Oil prices rose on Tuesday on the prospects of higher demand | Photo: IANS

New York: US stocks opened higher on Tuesday, the first trading day of March, as oil continued to recover and investors expected a further easing of monetary policies due to weak economic data.

Oil prices rose on Tuesday on the prospects of higher demand, with the West Texas Intermediate for April delivery up over 1 percent above $34 a barrel in the early trade trading, Xinhua reported.

Global stocks rallied after downbeat manufacturing data out of the euro zone bolstered the cases of central banks to extend stimulus plans.

(Also Read: Budget 2016: Markets depressed by the budget; Sensex down 126 points)

The data will likely give the US Federal Reserve pause as it deliberates on if and when it will further increase interest rates.

"At this moment, I judge that the balance of risks to my growth and inflation outlooks may be starting to tilt slightly to the downside, William Dudley, New York Fed president, said at a conference in China.

Chinese stocks rose and regained the 2,700-point mark on Tuesday, after the country announced a cut in its reserve requirement ration (RRR) and weaker-than-expected manufacturing data.

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