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1st LD Writethru: U.S. stocks extend gains after GDP data

Xinhua, December 23, 2015 Adjust font size:

U.S. stocks continued to rally Tuesday, as Wall Street digested the newly-released U.S. real gross domestic product (GDP) data.

The Dow Jones Industrial Average jumped 165.65 points, or 0.96 percent, to 17,417.27. The S&P 500 added 17.82 points, or 0.88 percent, to 2,038.97. The Nasdaq Composite Index increased 32.19 points, or 0.65 percent, to 5,001.11.

U.S. Commerce Department announced Tuesday that the third estimate of real 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.

Meanwhile, U.S. total existing home sales plunged 10.5 percent in November from October's revised reading, logging the slowest pace in 19 months, the National Association of Realtors reported Tuesday.

"New industry regulation, including the addition of new forms that must be submitted and processed, have contributed to an increase in the closing time and likely responsible for the large pull back in sales in November," said Sophia Kearney-Lederman, an economic analyst at FTN Financial.

The continued weak oil prices were still in focus. Brent oil price kept falling on Tuesday after hitting an 11-year low Monday, as the market continued to be plagued by the global oversupply worries.

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.

Trading volumes are expected to be relatively light this week, as the U.S. stock markets operate a shortened session on Thursday and close on Friday for Christmas. Endit