US stocks rise, joining global rally

 Wall Street stocks rose early Monday as oil prices gained, joining a global equity rally ahead of key US economic data releases later in the week.

About 30 minutes into trade, the Dow Jones Industrial Average stood at 16,587.34, up 195.35 points (1.19 percent).

The broad-based S&P 500 climbed 24.41 (1.27 percent) to 1,942.19, while the tech-rich Nasdaq Composite Index rose 60.44 (1.34 percent) to 4,551.37.

US oil prices rose more than five percent 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.

Petroleum-linked shares moved decisively higher, with Dow member Chevron rising 2.1 percent, Apache 3.8 percent and Halliburton 4.2 percent.
Large miners also rose, including aluminum producer Alcoa, which jumped 9.0 percent, and company Freeport-McMoRan, which gained 13.2 percent.

Amazon advanced 2.6 percent and Tesla Motors 5.2 percent.

Pharmaceutical company Allergan rose 3.4 percent after reporting that fourth-quarter adjusted net income translated into $3.41 per share, seven cents above analyst expectations.

VF Corp., which owns the Nautica and Wrangler clothing brands, rose 3.4 percent after reporting that fourth-quarter net income rose 156 percent to $312.2 million. It forecast that 2016 revenue would rise at a mid single-digit rate.

Foodservices distributor Sysco fell 4.7 percent on news it will acquire European foodservices company Brakes Group for about $3.1 billion.