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U.S. stocks open higher on oil recovery

Xinhua, March 1, 2016 Adjust font size:

U.S. stocks opened higher Tuesday, the first trading day of March, as oil continued to recover and investors expected a further easing of monetary policies due to weak economic data.

Oil prices rose Tuesday on the prospects of higher demand, with the West Texas Intermediate for April delivery up over 1 percent above 34 U.S. dollars a barrel in the early trade trading.

Global stocks rallied after downbeat manufacturing data out of the euro zone bolstered the cases of central banks to extend stimulus plans.

The data will likely give the U.S. Federal Reserve pause as it deliberates on if and when it will further increase interest rates.

"At this moment, I judge that the balance of risks to my growth and inflation outlooks may be starting to tilt slightly to the downside," said William Dudley, the New York Fed President, at a conference in Hangzhou, China.

Chinese stocks rose and regained the 2,700-point mark on Tuesday, after the country announced a cut in its reserve requirement ration (RRR) and weaker-than-expected manufacturing data.

Shortly after the opening bell, the Dow Jones Industrial Average rose 75.23 points, or 0.46 percent, to 16,591.73. The S&P 500 gained 10.55 points, or 0.55 percent, to 1,942.78. The Nasdaq Composite Index increased 27.65 points, or 0.61 percent, to 4,585.60.

U.S. stocks ended lower Monday after volatile trading, as China's central bank cut its RRR for commercial banks by 0.5 percentage points. Endi