Stocks Rose at Open on Trade Data

U.S. stocks rose at open on Tuesday, as investors absorbed a drop in the U.S. trade deficit and the Senate’s confirmation of Janet Yellen for Fed chief. The Dow Jones Industrial Average lately rose 92.29 points, or 0.56%, to 16,517.39. The S&P 500 was lup 8.48 points, or 0.46%,  to 1,835.25. The Nasdaq Composite gained 21.81 points, or 0.53%, to 4,135.49.

The U.S. trade deficit fell to its lowest level in four years in November as exports hit a record high and weak oil prices restrained import growth, the latest evidence of strengthening economic fundamentals. The Commerce Department said on Tuesday the trade gap fell 12.9 percent to
$34.3 billion.

U.S. home prices edged up in November, CoreLogic said Tuesday. Prices rose 0.1% on a monthly basis to take year-on-year gains to 11.8%, the 21st straight month of year-over-year gains.

The Senate on Monday approved Janet Yellen to be the first chairwoman of the Federal Reserve in the central bank’s 100-year history. The vote was 56 to 26.

J.P. Morgan Chase & Co. JPM -0.70% has agreed to settle with the government for $1.7 billion over charges related to Bernie Madoff on Tuesday.  The government announced criminal charges for two felony violations of the Bank Secrecy Act in connection with the firm’s relationship with
Bernard L. Madoff Investment Securities.

AT&T Inc plans to give cash-strapped consumers options to save money on mobile data fees as soon as this quarter while offering sponsors a new way to entice consumers to use their services.