Wall Street opened flat in early trading Monday after last week's steep sell-off, as oil prices seta new trading record.
The Dow Jones rose 25.24 points to 11,371.75. Broader indexes also moved moderately higher. The Standard & Poor's 500 index climbed 4.62 to 1,283.00 points; and the Nasdaq rose 2.06 points to 2,317.69.
Surging oil prices continued to shadow stocks as they rose to another record high of above 143 U.S. dollars a barrel Monday morning on the New York Mercantile Exchange.
Investors heavily concerned that inflation would force consumers to curb spending and thus hurt economic activities, as consumer spending accounts for more than two-thirds of U.S. economic activity.
The market also awaited the Chicago Purchasing Managers' report on Midwestern manufacturing.
Stocks closed with steep losses last week, as oil pushed above 140 dollars per barrel as well as an ailing financial sector and the weakening economy contributed to heavy selling pressure on stocks.
Major indexes have lost nearly 20 percent from their October 2007 highs, putting the market nearly into official, bear-market territory.
Source:Xinhua
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