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US stocks rise, joining global rally


[NEW YORK] Wall Street stocks opened higher Monday as oil prices gained, joining a global equity rally ahead of key US economic data releases later in the week.

Five minutes into trade, the Dow Jones Industrial Average stood at 16,547.83, up 155.84 points (0.95 per cent).

The broad-based S&P 500 climbed 20.07 (1.05 per cent) to 1,937.85, while the tech-rich Nasdaq Composite Index rose 46.94 (1.04 per cent) to 4,551.37.

US oil prices rose more than five per cent after the International Energy Agency said US shale production could fall by 600,000 barrels a day in 2016, lessening a global glut.

Key data releases this week include the Conference Board's reading of consumer confidence for February and a second estimate of US economic growth for the fourth quarter of 2015.