US stocks rally as oil rebounds

New York, Dec 30 (IANS) US stocks posted solid gains as Wall Street cheered over recovery in oil prices amid positive data in the holiday-shortened week.

The Dow Jones Industrial Average gained 192.71 points, or 1.10 percent, to 17,720.98 on Tuesday, Xinhua reported.

The S&P 500 increased 21.86 points, or 1.06 percent, to 2,078.36. The Nasdaq Composite Index jumped 66.95 points, or 1.33 percent, to 5,107.94.

Oil Prices bounced back on Tuesday, with both the US oil and Brent crude jumping over 2 percent, as traders expected U.S. crude stockpiles to decrease for another week.

The West Texas Intermediate for February delivery moved up $1.06 to settle at $37.87 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added $1.17 to close at $37.79 a barrel on the London ICE Futures Exchange.

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