US stock market opens higher

US stock market opens higher

Market begins new week higher despite oil price drop

NEW YORK (AA) - The stock market opened with slight gains Monday to begin the new week on a higher note as waning fears over the Federal Reserve held away falling oil prices.

The Dow Jones rose 14 points to begin the day at 17,515 points. The S&P 500 increased 1 point to open at 2,053, while the Nasdaq was up 6 points to begin the day at 4,775.

Last Wednesday, the Federal Open Market Committee's April meeting minutes revealed it "likely would be appropriate" to have a rate hike in June. However, the market seems to have put aside such fears, but will nontheless closely watch various Committee members' speeches this week.

Meanwhile, oil prices were in decline on Monday as worries of a supply glut reemerged after some wildfire evacuation orders in Canada's oil sands were lifted.

After being closed for more than two weeks, and trimming oil output of one million barrels a day, Canadian oil giant Suncor said last Friday that it would reopen two oil sands production sites soon.

At the opening bell, the American benchmark West Texas Intermediate was down 1.7 percent to $47.54 per barrel and the international benchmark Brent crude fell 2 percent to $47.72.

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