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U.S. stocks open sharply higher on oil recovery

Xinhua, January 22, 2016 Adjust font size:

U.S. stocks opened sharply higher on Friday, as further recovery in oil prices boosted investors' sentiment.

Oil prices continued to rebound strongly Friday, with both the U.S. oil and Brent crude surging over 5 percent in the early trading, as traders started to buy the dips despite persistent oversupply worries.

Meanwhile, hopes of stimulus in the euro zone also cheered Wall Street. The European Central Bank (ECB) held its key interest rates at record low levels on Thursday and planned to "reconsider" its monetary policy early March in a bid to lift weak inflation and stimulate the economy.

"It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March," ECB President Mario Draghi said.

"Work will be carried out to ensure that all the technical conditions are in place to make the full range of policy options available for implementation, if needed."

Analysts said Draghi's remarks suggested that the ECB is willing to offer more stimulus at its next meeting in March.

Shortly after the opening bell, the Dow Jones Industrial Average rose 209.12 points, or 1.32 percent, to 16,091.80. The S&P 500 gained 27.25 points, or 1.46 percent, to 1,896.24. The Nasdaq Composite Index was up 82.97 points, or 1.86 percent, to 4,555.03.

U.S. stocks rebounded amid rising oil prices Thursday, as comments from Draghi signaled further stimulus. Endi