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U.S. stocks open higher after heavy sell-off

Xinhua, January 11, 2016 Adjust font size:

U.S. stocks opened higher on Monday, as Wall Street tried to recover from last week's sharp decline.

Shortly after the opening bell, the Dow Jones Industrial Average rose 93.55 points, or 0.57 percent, to 16,440.00. The S&P 500 gained 10.83 points, or 0.56 percent, to 1,932.86. The Nasdaq Composite Index added 31.73 points, or 0.68 percent, to 4,675.36.

Last week, the three major indices posted steep losses, with the Dow, the S&P 500 and the Nasdaq plummeting 6.2 percent, 6.0 percent and 7.3 percent, respectively.

On Friday, U.S. stocks reversed early gains to end sharply lower, with the Nasdaq on a seven-session losing streak, as Wall Street digested a stronger-than-expected jobs report.

With no major economic data due out Monday, investors were still sifting through Friday's jobs report.

U.S. total nonfarm payroll employment rose by 292,000 in December, well above market estimates of 200,000, and unemployment rate was unchanged at 5.0 percent.

Meanwhile, investors also kept an eye on oil prices, which continued to fall on Monday, trading at almost 12-year lows. Endi