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U.S. stocks open lower after Friday's selloff

Xinhua, December 21, 2015 Adjust font size:

U.S. stocks opened higher on Monday after heavy losses on Friday, as the market is trying to rebound in a shortened trading week.

Financial sector led the stocks market in the early trading, while Goldman Sachs contributed to the most gains.

Oil prices were dragged down by the global supply glut and continued to hover near a seven-year low after the decision of the Organization of the Petroleum Exporting Countries (OPEC) on Dec. 4 to keep crude production pumping at the current level in the already oversupplied market.

As it will take years to wash out the whole supply in oil market and reach the balance point where supply meets demand, many analysts do not expect oil prices to recovery soon.

The U.S. stocks market will close early Thursday for the Christmas Eve, and will shut on Friday for the Christmas Day.

Shortly after the opening bell, the Dow Jones Industrial Average rose 100.75 points, or 0.59 percent, to 17, 229.30. The S&P 500 gained 11.76 points, or 0.59 percent, to 2,017.31. The Nasdaq Composite Index was up 29.25 points, or 0.59 percent, to 4,952.33.

U.S. stocks tumbled for the second straight session on Friday, as the falling oil prices weighed on Wall Street sentiment. Endi