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U.S. stocks open higher after upbeat GDP report

Xinhua, February 26, 2016 Adjust font size:

U.S. stocks opened higher Friday as the country's economic growth was revised up to 1 percent in the fourth quarter of 2015.

Shortly after the opening bell, the Dow Jones Industrial Average rose 94.92 points, or 0.57 percent, to 16,792.21. The S&P 500 added 10.38 points, or 0.53 percent, to 1,962.08. The Nasdaq Composite Index gained 33.09 points, or 0.72 percent, to 4,615.29.

According to the "second" estimate released Friday by the Commerce Department, U.S. real gross domestic product (GDP) increased at an annual rate of 1.0 percent in the fourth quarter of 2015, beating market consensus of 0.4 percent.

In the previous estimate, the increase in real GDP for the fourth quarter of 2015 was 0.7 percent.

Oil prices continued to rise Friday, with both U.S. oil and Brent crude jumping over 3 percent in the early trading, as strong U.S. gasoline demand and hopes of OPEC action boosted market sentiment.

On Thursday, U.S. stocks kept rising as Wall Street digested a batch of generally positive economic reports amid oil recovery. Endi