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U.S. stocks jump as oil rebounds

Xinhua, December 30, 2015 Adjust font size:

U.S. stocks traded higher around midday on Tuesday, as oil prices bounced back from previous day's sharp decline.

By noon, the Dow Jones Industrial Average rose 151.79 points, or 0.87 percent, to 17,680.06. The S&P 500 added 16.56 points, or 0.81 percent, to 2,073.06. The Nasdaq Composite Index gained 48.45 points, or 0.96 percent, to 5,089.44.

In a light week of economic reports, Wall Street focused on the volatility in oil prices.

Oil prices traded over 2 percent higher around midday on Tuesday, but remained under pressure from the global supply glut.

On Monday, oil prices tumbled again after last weeks' strong rebound, with both the U.S. oil and Brent crude diving over 3 percent, as excess supply dampened market sentiment.

Analysts also attributed some of Tuesday's gains to a so-called Santa Rally, which roughly spans the last five to seven days of December. Since 1928, the S&P 500 has managed an average gain of 1.3 percent in the last five trading days of the year, rising 76 percent of the time.

On the economic front, the S&P/Case-Shiller U.S. National Home Price Index recorded a slightly higher year-over-year gain with a 5.2-percent annual increase in October versus a 4.9-percent increase in September.

Meanwhile, the Conference Board Consumer Confidence Index came in at 96.5, up from 92.6 in November and above market consensus of 93.5.

The U.S. stock markets will be closed on Friday for New Year's Day.

On Monday, U.S. stocks ticked down as a renewed decline in oil prices weighed on Wall Street. Endit