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U.S. stocks open higher amid oil recovery

Xinhua, January 12, 2016 Adjust font size:

U.S. stocks opened higher on Tuesday, as Wall Street cheered over a rebound in oil prices.

Shortly after the opening bell, the Dow Jones Industrial Average rose 113.75 points, or 0.69 percent, to 16,512.32. The S&P 500 added 14.51 points, or 0.75 percent, to 1,938.18. The Nasdaq Composite Index was up 46.10 points, or 0.99 percent, to 4,684.09.

Oil prices traded mildly higher in the morning session on Tuesday, one day after hitting a 12-year low.

Oil prices have dropped around 14 percent since the start of the year, dragged lower by a global supply glut and a strong U.S. dollar.

On Monday, oil prices plummeted, with both the U.S. oil and Brent crude plunging more than 5 percent, as global demand still looked fragile.

Meanwhile, investors were also encouraged by the stabilization in the Chinese yuan. The central parity rate of the Chinese currency against the U.S. dollar was little changed at 6.5628 on Tuesday, according to the China Foreign Exchange Trading System.

On Monday, U.S. stocks ended mixed, with the Nasdaq extending its losing streak to an eighth straight session, as Wall Street tried to rebound from last week's sharp decline amid diving oil prices. Endi