U.S. stocks open higher as oil rallies

U.S. stocks opened higher on Wednesday as a rebound in oil prices soothed anxious investors.

Oil prices jumped over 2 percent in early trading time, as Chinese crude imports rose to a record 7.82 million barrels in December, up more than 21 percent from November.

On Tuesday, oil prices continued to drop as worries about oversupply persisted. The U.S. oil traded below 30 U.S. dollars a barrel for the first time since December 2003.

Despite Wednesday's rebound, oil prices still tumbled about 16 percent since the start of the year, dragged lower by a global supply glut and a strong U.S. dollar.

Investors were also encouraged by China's better-than-expected trade data.

China's exports in yuan-denominated terms climbed 2.3 percent year-on-year in December, compared with November's 3.7-percent drop, while imports declined 4 percent, less than the previous month's 5.6-percent fall, China's General Administration of Customs reported Wednesday.

Economists had forecast an 8-percent fall in exports in December and an 11-percent decline in imports.

Shortly after the opening bell, the Dow Jones Industrial Average rose 54.96 points, or 0.33 percent, to 16,571.18. The S&P 500 added 6.52 points, or 0.34 percent, to 1,945.20. The Nasdaq Composite Index increased 15.61 points, or 0.33 percent, to 4,701.53.

U.S. stocks ended higher Tuesday after volatile trading, as Wall Street tried to recover from a sharply lower start to the year. Endi