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U.S. stocks open sharply higher on upbeat earnings, oil recovery

Xinhua, January 28, 2016 Adjust font size:

U.S. stocks opened sharply higher on Thursday, as Wall Street cheered over positive earnings reports and continued oil rebound.

Facebook, Inc. spiked over 13 percent in early trading Thursday following the release of its much-better-than-expected quarterly results.

After Wednesday' s closing bell, the social network reported that its total revenue during the fourth quarter of 2015 came in at 5.84 billion U.S. dollars, a big 52-percent increase from 3.85 billion dollars in the fourth quarter of 2014.

Shares of Alibaba jumped nearly 4 percent in early trading Thursday after the Chinese e-commerce giant delivered quarterly results that beat market estimates.

Oil prices continued to rally Thursday, with both the U.S. oil and Brent crude surging over 5 percent in early trading Thursday, boosted by the possibility that major producers may cooperate to cut production.

Meanwhile, investors were still sifting through the Federal Reserve's statement released after a two-day policy meeting Wednesday.

According to the statement, the U.S. central bank will maintain the target range for the federal funds rate at 0.25 percent to 0.5 percent, pledging to keep the monetary policy accommodative to support economic growth.

Shortly after the opening bell, the Dow Jones Industrial Average rose 132.51 points, or 0.83 percent, to 16,076.97. The S&P 500 gained 18.95 points, or 1.01 percent, to 1,901.90. The Nasdaq Composite Index leapt 63.62 points, or 1.42 percent, to 4,531.79.

On Wednesday, U.S. stocks ended sharply lower, as Wall Street digested the Fed's statement amid downbeat quarterly earnings reports. Endi