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U.S. stocks rise on data, oil prices

Xinhua, November 30, 2016 Adjust font size:

U.S. stocks turned higher in the morning session on Tuesday, with Nasdaq hitting record high, as investors digested newly-released economic data and continued to focus on oil prices.

At midday, the Dow Jones Industrial Average gained 32.09 points, or 0.17 percent, to 19,129.99. The S&P 500 rose 7.00 points, or 0.32 percent, to 2,208.72. The Nasdaq Composite Index was up 32.15 points, or 0.60 percent, to 5,400.96.

U.S. real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the third quarter of 2016, according to the "second" estimate released by the Commerce Department Tuesday. In the second quarter, real GDP increased 1.4 percent.

Wall Street will also focus on November's nonfarm payrolls due Friday for more indications on the timing of next interest rate hikes.

The U.S. Federal Reserve is widely expected to raise interest rates at its December meeting. According to the CME Group's FedWatch tool, market expectations for a December rate hike were 98.2 percent.

Meanwhile, traders kept a close eye on oil prices volatility ahead of a key meeting of the Organization of the Petroleum Exporting Countries (OPEC) later this week.

OPEC had agreed in September to trim production amid a global glut of supply, but left the details of who cuts how much to a meeting in Vienna on Wednesday.

Oil prices zigzagged recently, with both U.S. oil and Brent crude sliding over 3.5 percent Tuesday. Enditem