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U.S. stocks open higher despite jobs data

Xinhua, May 6, 2015 Adjust font size:

U.S. stocks opened higher on Wednesday, following the previous day's sharp falls, as investors shrugged off the weaker-than-expected U.S. private jobs data.

Private sector employment increased by 169,000 jobs from March to April, far below economists' expectations, according to the April ADP National Employment Report on Wednesday.

U.S. stocks suffered big losses on Tuesday as investors pondered over impacts of global market selloffs.

Energy stocks were boosted as crude prices jumped more than a dollar to fresh 2015 highs, as a government inventory report showed that U.S. crude output dropped last week for the first time since January.

Light, sweet crude for May delivery gained 2.49 dollars to settle at 50.09 dollars a barrel Tuesday on the New York Mercantile Exchange, while Brent crude for May delivery moved up 1.99 dollars to close at 57.1 dollars a barrel.

Investors remain focused on energy prices ahead of Friday's job reports.

Shortly after the opening bell, the Dow Jones Industrial Average rose 50.58 points, or 0.28 percent, to 17,987.78. The S&P 500 increased 4.54 points, or 0.22 percent, to 2,094.00. The Nasdaq Composite Index soared 12.33 points, or 0.25 percent, to 4,951.65. Endi