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U.S. stocks rally on oil rebound

Xinhua, April 12, 2016 Adjust font size:

U.S. stocks traded mostly higher in the morning session on Tuesday, helped by gains in oil prices, as investors awaited the first batch of earnings from the first quarter of the year.

By noon, the Dow Jones Industrial Average gained 149.67 points, or 0.85 percent, to 17,706.08. The S&P 500 rose 15.06 points, or 0.74 percent, to 2,057.05. The Nasdaq Composite Index was up 25.30 points, or 0.52 percent, to 4,858.70.

U.S. crude oil futures rebounded nearly 2 percent at 41.09 U.S. dollars a barrel in the midday trading. Energy traded more than 2 percent higher to lead S&P 500 advancers.

Traders are watching closely big banks earnings this week, starting with JPMorgan Chase & Co on Wednesday.

Analysts believe quarterly profit growth would be low amid the sluggish world economy, a strong dollar and declining commodity prices.

According to Thomson Reuters, the blended earnings of the S&P 500 companies in the first quarter of 2016 are expected to decline 7.7 percent year on year, while the revenue is forecast to decrease 1.3 percent.

No major economic data is due out on Tuesday. Endit