Stocks Opened Higher as Oil Rose

U.S. stocks opened higher on Tuesday, as rising oil prices gave the main indexes a small boost. The Dow Jones Industrial Average lately gained 73.73 points, or 0.42%, to 17,630.14. The S&P 500 rose 5.85 points, or 0.29%, to 2,047.84. The Nasdaq Composite advanced 1.13 points, or 0.02%, to 4,834.52.

Oil rose above $43 a barrel to its highest level so far in 2016 on Tuesday, supported by hopes that a meeting of oil producers will agree steps to tackle a supply glut. Brent crude was up 34 cents at $43.17 a barrel at 1057 GMT and earlier in the session reached a 2016 high of $43.58. U.S. crude gained 23 cents to $40.59.

U.S. import prices rose in March for the first time in nine months as the cost of petroleum products increased, but the lingering effects of a strong dollar suggested inflation will continue to increase gradually.The Labor Department said on Tuesday import prices gained 0.2 percent last month after a downwardly revised 0.4 percent drop in February.

The International Monetary Fund on Tuesday again lowered its estimate for global growth, citing volatility in financial markets, slowing momentum in developed economies and continued difficulty for emerging-market nations, as it also highlighted a growing backlash against trade and global ties. The IMF cut its estimate for global growth to 3.2% this year and 3.5% next year.

Credit ratings agency Fitch has downgraded its rating on Saudi Arabia in light of the fall in oil prices, which it says will have “major negative implications” for the country’s financial position.

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