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U.S. stocks open higher on oil boost

Xinhua, February 2, 2015 Adjust font size:

U.S. stocks opened higher Monday as investors were cheered by stabilization in oil prices.

U.S oil rebounded strongly last Friday as light, sweet crude for March delivery gained at 48.24 U.S. dollars a barrel on the New York Mercantile Exchange, which is a big driver for investors' euphoria Monday.

Exxon Mobil reported better-than-expected earnings before the opening bell. The company announced estimated full-year 2014 earnings of 32.5 billion dollars compared with 32.6 billion dollars a year earlier, reflecting the strength of its integrated business model in a lower price environment. Shares jumped 0.92 percent in the early New York trading.

However, U.S. consumer spending, accounting for more than two-third of U.S. economy activity, fell in December, the biggest decline since late 2009. Analysts said households tended to save the extra cash from gasoline prices and steady hiring.

Personal spending decreased a seasonally adjusted 0.3 percent from the prior month, the U.S. Commerce Department said Monday. November spending was revised down to a 0.5 percent gain from the initially estimated 0.6 percent advance.

While, personal income, reflecting money collected from wages, investments and government aid, increased 0.3 percent. Real disposable income, which accounts for taxes and inflation, rose 0.5 percent in December.

Shortly after the opening bell, the Dow Jones Industrial Average rose 14.67 points, or 0.09 percent, to 17,179.62. The S&P 500 gained 3.62 points, or 0.18 percent, to 1,998.61. The Nasdaq Composite Index increased 2.57 points, or 0.06 percent, to 4,637.81. Endi