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U.S. stocks open higher after GDP data

Xinhua, December 22, 2015 Adjust font size:

U.S. stocks opened mildly higher on Tuesday, as investors were digesting the newly-released GDP data amid continued weak oil prices.

U.S. Commerce Department announced Tuesday that the "third" estimate of real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter of 2015, slightly down from the second estimate of 2.1 percent but above market expectations of 1.5 percent.

However, Wall Street focused on oil's continued decline. Brent oil price hit an 11-year low Monday as market worried that global supplies exceed the demand.

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 recover soon.

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

Shortly after the opening bell, the Dow Jones Industrial Average rose 61.10 points, or 0.35 percent, to 17,312.72. The S&P 500 gained 7.10 points, or 0.35 percent, to 2,028.25. The Nasdaq Composite Index was up 13.28 points, or 0.27 percent, to 4,982.20.

U.S. stocks ended higher on Monday after heavy losses on Friday, as investors meditated on low oil prices in a holiday-shortened trading week. Endite