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U.S. stocks open higher to kick off May trading

Xinhua, May 2, 2016 Adjust font size:

U.S. stocks opened slightly higher Monday as Wall Street eyed oil volatility and economic data releases.

Oil prices traded slightly lower in early trading Monday as traders were looking for excuses to lock in profits after recent solid gains.

U.S. oil surged about 20 percent in April, the largest monthly gain in a year, helped by a weaker U.S. dollar and reduced U.S. crude output.

The Institute for Supply Management will release April data later this morning, while construction spending for March is due at the same time.

Investors will also keep a close eye on Friday's nonfarm jobs report for more clues on the U.S. Federal Reserve's next rate hike.

There is no major earnings report due out Monday.

Shortly after the opening bell, the Dow Jones Industrial Average rose 33.57 points, or 0.19 percent, to 17,807.21. The S&P 500 added 4.28 points, or 0.21 percent, to 2,069.58. The Nasdaq Composite Index was up 8.77 points, or 0.18 percent, to 4,784.13.

Last Friday, U.S. stocks ticked down as investors sifted through the newly-released economic data and a batch of quarterly earnings reports. Endi