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U.S. stocks open higher to kick off 2017 trading

Xinhua, January 3, 2017 Adjust font size:

U.S. stocks opened sharply higher Tuesday, the first trading day of 2017, as Wall Street reacted to a strong rebound in oil prices.

Oil prices surged Tuesday, with U.S. oil hitting an 18-month high in early trading, buoyed by hopes that a deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members to cut production will drain a global supply glut.

U.S. stock markets were closed Monday for the New Year holiday. On Friday, U.S. stocks declined for a third straight day, ending the year of 2016 on a downbeat note.

Despite Friday's decline, all three major indices witnessed solid gains for the year, with the Dow, the S&P 500 and the Nasdaq surging 13.4 percent, 9.5 percent and 7.5 percent, respectively.

On the economic front, U.S. ISM manufacturing and construction spending data are scheduled for release later in the morning.

Shortly after the opening bell, the Dow Jones Industrial Average rose 151.60 points, or 0.77 percent, to 19,914.20. The S&P 500 added 17.02 points, or 0.76 percent, to 2,255.85. The Nasdaq Composite Index climbed 40.62 points, or 0.75 percent, to 5,423.73. Endi