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U.S. stocks traded mixed after GDP data

Xinhua, December 23, 2015 Adjust font size:

U.S. stocks were traded mostly higher in the morning session Tuesday, as investors were digesting the newly-released GDP data from America amid continued weak oil prices.

At midday, the Dow Jones Industrial Average rose 65.37 points, or 0.38 percent, to 17,316.99. The S&P 500 gained 5.69 points, or 0.28 percent, to 2,026.84. The Nasdaq Composite Index inched down 2.10 points, or 0.04 percent, to 4,966.82.

U.S. Commerce Department announced Tuesday that the third estimate of real gross domestic product (GDP) increased at an annual rate of 2 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.

Total existing home sales plunged 10.5 percent in November, the slowest pace in 19 months, according to the National Association of Realtors Tuesday.

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 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 recovery soon.

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

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