US stock market opens flat over rate hike fears

NEW YORK (AA) - The stock market opened flat Tuesday as rises in oil prices were offset by revived fears that the Federal Reserve could make more than one rate hike this year.

The Dow Jones rose three points to begin the day with little change at 18,506 and the S&P 500 was up only less than one point at 2,181. The Nasdaq increased less than two points to start the day flat at 5,230.

Fed Vice President Stanley Fischer hinted earlier Tuesday that the central bank could increase its benchmark interest rate more than once before the end of 2016.

"The work of the central bank is never done, and I don’t think you can say ‘one and done’ and that’s it," Fischer told Bloomberg Television in an interview.

Responding to a question about whether the Fed would raise rates faster, Fischer said "We can choose the pace, but we choose the pace on the basis of data that’s coming in."

After Fischer's remarks, investors took a sell-off position in the market. This was balanced by the increase in oil prices, resulting in a flat opening in Wall Street.

At the first bell, American benchmark West Texas Intermediate traded at $47.32 a barrel with a 0.7 percent increase, and international benchmark Brent crude was up to $49.64 -- up 0.4 percent.

The market and investors will closely watch Boston Fed President Eric Rosengren's remarks on Wednesday.