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U.S. stocks open higher on Greece bailout, rising oil

Xinhua, May 25, 2016 Adjust font size:

U.S. stocks opened higher on Wednesday, as investors assessed a new bailout deal for Greece and rising oil prices.

Shortly after the opening bell, the Dow Jones Industrial Average was up 79.58 points, or 0.45 percent, to 17,785.63. The S&P 500 gained 10.14 points, or 0.49 percent, to 2,086.20. The Nasdaq Composite Index rose 17.41 points, or 0.36 percent, to 4,878.46.

Finance ministers of the eurozone have hammered out a deal in Brussels with Greece early Wednesday after an 11-hour meeting, which is described as a "major breakthrough" to start debt relief and unlock over 10 billion euros (about 11.1 billion U.S. dollars) in bailout cash for Greece.

Oil prices were also in focus, as both U.S. oil and Brent crude rose over 1 percent in early trading Wednesday.

Meanwhile, investors tried to shake off worries that the possibility of a June rate hike becomes higher after the release of the Federal Reserve's hawkish minutes from its April meeting, but the latest speech from Fed officials indicated a hike sooner rather than later.

St. Louis Fed President James Bullard told CNBC overnight that a U.S. Federal Reserve rate hike in June or July wasn't set in stone, but labor data suggested it was time to pull the trigger.

U.S. stocks ended more than 1 percent higher Tuesday, following sharp gains in European equities, as Wall Street cheered upbeat economic data and quarterly earnings reports. Endit