US stocks tick up on oil recovery

U.S. stocks traded in the uncharted territory in the morning session Monday, as investors focused on a rebound in oil prices and awaited the minutes of the U.S. Federal Reserve.

By midday, the Dow Jones Industrial Average rose 79.24 points, or 0.43 percent, to 18,655.71. The S&P 500 added 8.86 points, or 0.41 percent, to 2,192.91. The Nasdaq Composite Index increased 32.84 points, or 0.63 percent, to 5,265.73.

Oil prices rallied in the morning session on Monday, with both U.S. oil and Brent crude jumping over 2 percent around midday, as speculation intensified about potential producer action to support prices in an oversupplied market.

On the economic front, U.S. builder confidence in the market for newly constructed single-family homes in August rose 2 points to 60 from a downwardly revised reading of 58 in July on the National Association of Home Builders/Wells Fargo Housing Market Index.

Investors were also awaiting the minutes of the Fed's July policy meeting scheduled for release Wednesday, for more indications on the timing of the next interest rate hike.

On the global front, Chinese stocks surged Monday, with the benchmark Shanghai Composite Index going up 2.44 percent to close at 3,125.2 points.

Tokyo shares closed slightly lower with market sentiment dampened by the rising yen amid relatively low turnover as many investors were out for summer holidays.

On Friday, U.S. stocks closed mixed, with the Nasdaq eclipsing previous day's closing record high, as investors digested a batch of generally negative economic reports.

Source : XINHUA