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U.S. stocks open higher after ADP report

Xinhua, February 3, 2016 Adjust font size:

U.S. stocks opened higher amid upbeat jobs data Wednesday, as Wall Street tried to recover from the previous day's heavy sell-off.

U.S. private sector employment increased by 205,000 jobs from December to January, beating market consensus of 190,000, according to the ADP National Employment Report Wednesday.

The ADP figure is watched closely as a pre-indicator for the non-farm payrolls report due Friday.

Meanwhile, a rebound in oil prices also provided some upward jolts to the stock market. Oil traded about 3 percent higher in early trading Wednesday.

On Tuesday, oil prices continued to plunge, with the U.S. oil settling below 30 U.S. dollars a barrel again, as hopes for a deal between OPEC and Russia on output cuts faded away.

In corporate news, shares of Merck fell about 1 percent in early trading Wednesday after the drug giant delivered quarterly earnings above estimates but revenues short of forecast.

Shortly after the opening bell, the Dow Jones Industrial Average rose 94.54 points, or 0.59 percent, to 16,248.08. The S&P 500 added 9.44 points, or 0.50 percent, to 1,912.47. The Nasdaq Composite Index gained 26.89 points, or 0.60 percent, to 4,543.85.

On Tuesday, U.S. stocks suffered big losses as oil prices retreated further amid mixed earnings reports. Endi