US stocks open higher; concerns persist over oil prices

US shares opened higher Friday, rebounding from a dizzying selloff in a market worried about rocketing world oil prices which have surged to record highs above 142 dollars a barrel.

The benchmark Dow Jones Industrial Average had gained 20.35 points (0.18 percent) to 11,473.77 shortly after Wall Street opened for business after sinking a hefty 3.03 percent a day earlier.

The technology-heavy Nasdaq composite was up 1.86 points (0.08 percent) at 2,323.23 while the Standard & Poor's 500 broad-market index had gained 3.41 points (0.27 percent) to 1,286.56.

Traders said that sentiment remains volatile despite the opening rebound.

"The stock market is understandably concerned about high oil prices and weak balance sheets at financial institutions. Market sentiment remains very poor," analysts at Briefing.com said.

Wall Street shares dived Thursday amid concerns that soaring oil prices will crimp economic growth, and as worries persisted about the health of large US banks, some of which have endured multibillion dollar losses tied to a persistent housing slump.

US stocks showed opening gains despite falls on European and Asian bourses earlier Friday.

(Agencies)