The Dow Jones Industrial Average added 41.82 points (0.48 per cent) to 8,710.21 and the Nasdaq rose 4.45 points (0.29 per cent) to 1,555.15 in the first exchanges.

The broad-market Standard & Poor's 500 index drifted up 2.75 points (0.31 per cent) to 893.39, extending a market rally from Tuesday.

Patrick O'Hare at Briefing.com said the market seemed to be getting a lift from the so-called 'Santa Claus rally' in the period around Christmas although it will do little to erase the worst losses since 1931.

'The Santa Claus rally is in full swing,' he said.

'There is still today and the first two trading days in January, though, to determine if it's the real thing.'

But he pointed out that with trading light, 'there wasn't a lot of conviction behind the buying interest, so the credibility and sustainability of the move is open to question'. -- AFP