US stocks rally amid data, oil recovery

New York, Dec 24 (IANS) US stocks traded higher in the morning session amid a bunch of economic data and oil recovery.

The Dow Jones Industrial Average rose 128.15 points, or 0.74 percent, to 17,545.42 on Wednesday, Xinhua reported. The S&P 500 gained 17.59 points, or 0.86 percent, to 2,056.56. The Nasdaq Composite Index was up 30. 63 points, or 0.61 percent, to 5,031.74.

The US Commerce Department said on Wednesday that new orders for manufactured durable goods in November increased $100 million, or virtually unchanged to $238.8 billion.

Personal income increased $44.4 billion, or 0.3 percent, and personal consumption expenditures rose $40.1 billion, or 0.3 percent, in November, according to another report released by the Commerce Department Wednesday.

Sales of new single-family houses in November were at a seasonally adjusted rate of 490,000, 4.3 percent above the revised October rate and 9.1 percent above the November 2014 estimate.

Oil prices rebounded after an unexpected fall in US inventories in the early trading on Wednesday, but still hovered near multi-year low due to the global oversupply worries.

The US stocks market will close early Thursday for Christmas Eve, and will be shut on Friday for Christmas Day.

US stocks continued to rally on Tuesday, as Wall Street digested the newly-released US real gross domestic product data.

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