Off the wire
• Beijing to display relics from ancient tomb  • Greek PM holds talks with protesting farmers to end blockades  • China sets timetable for rural power grid upgrades  • 1st LD: Suicide bombing kills 14 in eastern Afghanistan  • Bulgarian, Cypriot presidents call for sustainable solution to refugee crisis  • China Focus: Flexible growth as structural reform gains steam  • 1st LD Writethru: 3 militants killed as Indian troops end 48-hour gunfight in Indian-controlled Kashmir  • IS gunmen cuts Syrian gov't forces supply route to Aleppo  • Europe's grasslands, woodlands, marine areas face increased threats: report  • China Headlines: Xi's speech on news reporting resonates with domestic outlets  
You are here: 　 Home

U.S. stocks open higher as oil rebounds

Xinhua, February 22, 2016 Adjust font size:

U.S. stocks opened higher Monday as a strong rebound in oil prices boosted Wall Street sentiment.

Oil prices traded sharply higher in early trading Monday, with the U.S. oil surging about 6 percent, as the International Energy Agency said U.S. shale oil production was expected to fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017.

On Friday, oil prices suffered big losses after government data showed a rise in U.S. crude stockpiles.

Also, the market got support following a broad-based rally in global stock markets.

In Asia, Chinese shares regained the 2,900-point mark on Monday, after the appointment of a new regulator head on Saturday. The benchmark Shanghai Composite Index surged 2.35 percent to close at 2,927.18 points.

European equities also traded sharply higher buoyed by the solid gains in commodity prices.

Shortly after the opening bell, the Dow Jones Industrial Average rose 93.48 points, or 0.57 percent, to 16,485.47. The S&P 500 added 12.78 points, or 0.67 percent, to 1,930.56. The Nasdaq Composite Index gained 43.23 points, or 0.96 percent, to 4,547.65.

On Friday, U.S. stocks closed mixed after wavering in a tight range, as investors digested the country's consumer price data amid a plunge in oil prices. Endi