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U.S. stocks open higher amid rising oil, soft data

Xinhua, May 16, 2016 Adjust font size:

U.S. stocks opened mildly higher Monday as investors assessed the oil recovery and downbeat economic data.

Oil prices rebounded strongly Monday, with both U.S. oil and Brent crude jumping over 2 percent in the early trading. Nigeria's output has fallen to its lowest level in decades following several acts of sabotage.

Meanwhile, Goldman Sachs said Monday that it saw U.S. oil trading as high as 50 U.S. dollars per barrel in the second half of 2016, although it cautioned that oil prices would rise modestly in 2017.

On the economic front, the May 2016 Empire State Manufacturing Survey indicates that business activity declined for New York manufacturers.

The headline general business conditions index decreased nineteen points to minus 9.0, missing a market consensus of a 7.0-percent gain.

Shortly after the opening bell, the Dow Jones Industrial Average rose 12.26 points, or 0.07 percent, to 17,547.58. The S&P 500 added 1.66 points, or 0.08 percent, to 2,048.27. The Nasdaq Composite Index was up 9.76 points, or 0.21 percent, to 4,727.43.

On Friday, U.S. stocks ended lower as Wall Street digested a batch of generally positive economic reports. Endi