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U.S. stocks gain after Friday's selloff

Xinhua, December 22, 2015 Adjust font size:

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

At midday, the Dow Jones Industrial Average inched up 12.60 points, or 0.07 percent, to 17,141.15. The S&P 500 gained 3.70 points, or 0.18 percent, to 2,009.25. The Nasdaq Composite Index was up 18.48 points, or 0.38 percent, to 4,941.56.

The financial sector led the stocks market in early trading session, as Goldman Sachs contributed to the most gains.

However, 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 will recovery soon.

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

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