U.S. stocks rally amid data, oil recovery

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

At midday, the Dow Jones Industrial Average rose 128.15 points, or 0.74 percent, to 17,545.42. The S&P 500 gained 17.59 points, or 0.86 percent, to 2,056.56. The Nasdaq Composite Index was up 30.63 points, or 0.61 percent, to 5,031.74.

The U.S. Commerce Department said 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 personal consumption expenditures rose 40.1 billion dollars, or 0.3 percent, in November, according to another report released by the Commerce Department Wednesday.

Sales of new single-family houses in November were at a seasonally adjusted rate of 490,000, 4.3 percent above the revised October rate and 9.1 percent above the November 2014 estimate.

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 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.

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

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