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U.S. stocks turn higher around midday on oil recovery

Xinhua, March 8, 2016 Adjust font size:

U.S. stocks pared early losses to trade higher around midday Monday, as Wall Street cheered over the continued rebound in oil prices.

By noon, the Dow Jones Industrial Average added 60.47 points, or 0.36 percent, to 17,067.24. The S&P 500 increased 1.99 points, or 0.10 percent, to 2,001.98. The Nasdaq Composite Index inched up 4.88 points, or 0.10 percent, to 4,721.90.

Oil prices continued to rally Monday after last week's solid gains, with Brent crude surging above 40 U.S. dollars a barrel in the morning session, a 2016 high.

Meanwhile, with no major economic data due out Monday, investors were still digesting Friday's jobs report. U.S. total nonfarm payroll employment increased by 242,000 in February, well above market expectations, and the unemployment rate was unchanged at 4.9 percent, the U.S. Labor Department announced Friday.

In February, average hourly earnings for all employees on private nonfarm payrolls declined 3 cents to 25.35 U.S. dollars, following an increase of 12 cents in January. Average hourly earnings have risen by 2.2 percent year on year.

Analysts said the upbeat jobs data pointed to a modest recovery in the U.S. economy, and created conditions for the Federal Reserve to gradually raise interest rates this year.

On Friday, U.S. stocks ended higher after volatile trading, with all three major indices on a four-day winning streak, as investors digested the upbeat jobs report into indications of the country's economic conditions. Endit