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U.S. stocks rebound amid upbeat data

Xinhua, January 4, 2017 Adjust font size:

U.S. stocks pared part of early gains to trade mildly higher around midday Tuesday, the first trading day of 2017, as Wall Street meditated on a batch of positive economic reports.

Around noon, the Dow Jones Industrial Average rose 47.26 points, or 0.24 percent, to 19,809.86. The S&P 500 added 10.67 points, or 0.48 percent, to 2,249.50. The Nasdaq Composite Index climbed 24.81 points, or 0.46 percent, to 5,407.93.

The December purchasing managers' index (PMI) registered 54.7 percent, an increase of 1.5 percentage points from the November reading and beating market consensus, according to the Institute for Supply Management (ISM) Tuesday.

Meanwhile, the U.S. Department of Commerce announced Tuesday that construction spending during November 2016 was estimated at a seasonally adjusted annual rate of 1,182.1 billion U.S. dollars, 0.9 percent above the revised October estimate of 1,171.4 billion dollars.

Oil prices were also in focus Tuesday, which reversed sharp early increases to trade lower around midday after hitting 18-month highs, as a stronger U.S. dollar makes greenback-denominated crude more expensive to holders of other currencies.

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. Enditem