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U.S. stocks fluctuate narrowly amid oil recovery

Xinhua, March 10, 2016 Adjust font size:

U.S. stocks traded mildly higher around midday Wednesday, as investor sentiment was buoyed by a solid rebound in oil prices.

At noon, the Dow Jones Industrial Average added 72.22 points, or 0.43 percent, to 17,036.32. The S&P 500 gained 11.79 points, or 0.60 percent, to 1,991.05. The Nasdaq Composite Index was up 18.61 points, or 0.40 percent, to 4,667.44.

Oil prices jumped Wednesday, with Brent crude jumping above 40 U.S. dollars a barrel around midday, after government data showed a build in U.S. crude stockpiles in line with expectations and a big drop in gasoline inventories.

Meanwhile, investors were also encouraged by hopes of an agreement to freeze output. According to media reports, producers in and outside the Organization of the Petroleum Exporting Countries plan to meet in Moscow on March 20 to discuss an output freeze.

There is no major economic data due out Wednesday.

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.

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. Endite