Stocks Start Higher on Greece Deal

U.S. stocks opened higher Tuesday, after euro zone finance ministers secured a deal that will enable Greece to avoid a March default. The Dow industrials rose 30.88 points to 12,980.75. The S&P 500 added 3.22 points to 1,364.45. The Nasdaq Composite added 8.85 points to 2,955.64.

After a long wait for a final agreement, European finance ministers approved the terms of a fresh aid package for Greece on Tuesday and the country agreed the terms of a deal with its private debt holders.  European finance ministers and other top European officials said they stand ready to provide up to 130 billion euros ($171.9 billion) of extra financial aid to Greece until 2014.

Oil prices remained above $104 Tuesday but retreated from recent highs. By early afternoon in Europe, benchmark crude was up $1.33 to $104.57 per barrel in electronic trading on the New York Mercantile Exchange.

Iran has laid out conditions for future oil exports to other European countries after halting sales to Britain and France earlier this week, the Iranian Foreign Ministry spokesman said Tuesday.

Home Depot Inc.’s fiscal fourth-quarter net income rose 32 percent as homeowners spent more on renovation projects and mild weather in the U.S. helped results surpass expectations. It earned $774 million, or 50 cents per share, for the period ended Jan. 29. That’s up from $587 million, or 36 cents per share, a year earlier. Quarterly revenue increased 6 percent to $16.01 billion from $15.13 billion.

Macy’s Inc., (NYSE:M) the Cincinnati retailer, reported on Tuesday that fiscal fourth-quarter net income rose 12% on 5.5% higher sales and 5.2% higher same-store sales. For the quarter ended Jan. 28, earnings reached $745 million, or $1.74 a share, from $667 million, or $1.55, in the year-earlier period. Sales rose to $8.72 billion from $8.27 billion.