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U.S. stocks open higher as oil rebounds

Xinhua, March 9, 2016 Adjust font size:

U.S. stocks opened higher Wednesday as investor sentiment was buoyed by a recovery in oil prices.

Oil prices rallied Wednesday on hopes of an agreement to freeze output, with Brent crude jumping above 40 U.S. dollars a barrel in early trading.

Producers in and outside the Organization of the Petroleum Exporting Countries plan to meet in Moscow on March 20 to discuss an output freeze, according to media reports.

Overseas, the European Central Bank's (ECB) monetary policy meeting was also in focus, which was scheduled to be held on Thursday.

Markets largely expected the ECB to ease its policy, though some investors are concerned that a stimulus expansion could fall short of expectations.

Shortly after the opening bell, the Dow Jones Industrial Average rose 62.70 points, or 0.37 percent, to 17,026.80. The S&P 500 added 8.08 points, or 0.41 percent, to 1,987.34. The Nasdaq Composite Index gained 18.95 points, or 0.41 percent, to 4,667.77.

On Tuesday, U.S. stocks ended lower, with the Dow and S&P 500 snapping a five-day winning streak, as a renewed decline in oil prices weighed on Wall Street. Endi