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U.S. stocks extend gains ahead of jobs data

Xinhua, November 4, 2015 Adjust font size:

U.S. stocks pared early losses and traded mostly higher in the morning session on Tuesday, as investors awaited key economic reports later this week.

By noon, the Dow Jones Industrial Average rose 95.57 points, or 0.54 percent, to 17,924.33. The S&P 500 increased 5.11 points, or 0.24 percent, to 2,109.16. The Nasdaq Composite Index was up 18.94 points, or 0.37 percent, to 5,146.08.

Traders will mainly look to non-farm payrolls this week for hints on the timing of interest rate hike from the U.S. Federal Reserve.

The U.S. central bank left the federal funds rate unchanged, but signaled option to tighten policy rate at its next meeting in December, according to the statement released last week following its two-day meeting.

Wall Street will also keep a close eye on comments from Federal Open Market Committee (FOMC) members on Wednesday, including Fed Chair Janet Yellen, Vice Chair Stanley Fischer and New York Fed President William Duley.

In corporate news, shares of UBS fell over 6 percent in the early trading on Tuesday, after the bank posted lower-than-expected quarterly profit.

Switzerland's biggest bank announced a third-quarter net profit of 2.1 billion Swiss francs, some 2.13 billion U.S. dollars.

U.S. stocks posted solid gains Monday, the first trading day in November, as investors cheered over a batch of positive economic reports. Endit