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U.S. stocks open higher amid data, oil recovery

Xinhua, December 23, 2015 Adjust font size:

U.S. stocks opened mildly higher on Wednesday, the last full trading day before Christmas holiday, amid a bunch of economic data and oil recovery.

The U.S. Commerce Department announced Wednesday that new orders for manufactured durable goods in November increased 100 million U.S. dollars, or virtually unchanged to 238.8 billion dollars.

Personal income increased 44.4 billion dollars, or 0.3 percent, and disposable personal income rose 34.5 billion dollars, or 0.3 percent, in November, according to another report released by the Commerce Department Wednesday.

Oil prices rebounded after an unexpected fall in U.S. inventories in the early trading on Wednesday, but still hovered near multi-year low due to 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 to 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 126.34 points, or 0.73 percent, to 17,543.61. The S&P 500 gained 12.48 points, or 0.61 percent, to 2,051.45. The Nasdaq Composite Index was up 24.87 points, or 0.50 percent, to 5,025.98.

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