NEW YORK, June 5 — Wall Street stocks were stable early today with petroleum-linked shares gaining, extending a positive run following the resolution of the US debt ceiling fight.

Major indices had closed last week at multi-month peaks after Congress approved a plan to avert a US debt default after weeks of back and forth between President Biden and congressional Republicans.

Stocks had also been lifted by a solid jobs report that kept alive the prospect of a “soft landing” for the world’s largest economy after a series of Federal Reserve interest rate hikes.

The benign trend extended early today, with the Dow Jones Industrial Average down less than 0.1 per cent at 33,750.64.

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The broad-based S&P 500 added 0.1 per cent to 4,288.52, while the tech-rich Nasdaq Composite Index also climbed 0.1 per cent to 13,259.47.

Petroleum-linked shares advanced as oil prices rose following Saudi Arabia’s statement that it would cut output by one million barrels a day.

Chevron rose about one per cent, while Devon Energy and Occidental Petroleum tacked on about two per cent. — AFP

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