Strength in oil shares boosts Dow; Nasdaq dips

NEW YORK: Wall Street stocks were mostly higher early Tuesday, with gains by petroleum-linked shares boosting the Dow, while the tech-rich Nasdaq retreated.

About 30 minutes into trading on the eve of the Independence Day holiday, the Dow Jones Industrial Average was up 0.3 percent at 24,388.01.

The broad-based S&P 500 rose 0.2 percent to 2,731.97, while the Nasdaq Composite Index shed 0.2 percent to 7,554.61.

US stocks were pressured for much of the spring on worries about trade wars. While those concerns linger, Wall Street finished higher on Monday, led by the tech sector.

Petroleum giants ExxonMobil and Chevron both climbed about two percent as US oil prices rose above $75 a barrel due in part to US efforts to discourage allies from buying Iranian oil.

But Facebook fell 2.0 percent after confirming it faces investigations by the Securities and Exchange Commission and the Federal Bureau of Investigations on its release of consumer data to now-defunct political consultancy Cambridge Analytica.

Tesla Motors was another weak tech stock, dropping 4.0 percent following news that senior engineer Doug Field left the company.

Trading volumes were expected to be light Tuesday, with US markets closing at midday due to the July 4th holiday on Wednesday.