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U.S. stocks rally amid data, earnings

Xinhua, February 8, 2017 Adjust font size:

U.S. stocks rose in the morning session on Tuesday, as investors eyed newly-released data and corporate earnings reports.

By noon, the Dow Jones Industrial Average was up 46.35 points, or 0.23 percent, to 20,098.77. The S&P 500 rose 2.38 points, or 0.10 percent, to 2,294.94. The Nasdaq Composite Index gained 17.40 points, or 0.31 percent, to 5,680.95.

U.S. goods and services deficit was 44.3 billion U.S. dollars in December, down 1.5 billion dollars from the revised level in November, announced the U.S. Commerce Department Tuesday.

For 2016, the goods and services deficit increased 1.9 billion dollars, or 0.4 percent, from 2015.

Meanwhile, investors continued to focus on the fourth quarter earnings of 2016.

Before Tuesday's opening bell, General Motors Co. announced record full-year 2016 results driven by strong retail demand for full-size trucks and SUVs in the United States, continued industry growth in China and effective cost performance across the globe.

Shares of Michael Kors tumbled over 13 percent on Tuesday, after the handbag seller posted fourth quarterly results.

The latest data from Thomson Reuters showed that the S&P 500 companies' blended earnings in the fourth quarter of 2016 are expected to rise 8.2 percent year on year, while the revenues are forecast to increase 4.3 percent.

U.S. stocks ended lower after wavering in a tight range Monday, as uncertainties of a legal fight against U.S. President Donald Trump's travel ban weighed on Wall Street sentiment. Enditem