Stocks Opened Slightly Higher Before Housing Data

U.S. stocks opened slightly higher on Tuesday as investors were awaiting housing data due to be released at 10 a.m. Eastern. The Dow Jones Industrial Average lately was up 2.21 points, or 0.01%, at 16,156.60. The S&P 500 gained 2.68 points, or 0.15%, at 1,840.86. The Nasdaq Composite rose 17.25 points, or 0.41%, at 4,261.27.

The February 2014 Empire State Manufacturing Survey indicates that business conditions improved marginally for New York manufacturers. The general business conditions index fell eight points, but remained positive at 4.5. The new orders index fell to about zero, indicating that orders were flat, and the shipments index declined thirteen points to 2.1. The unfilled orders index remained negative at -6.3.

Net gold demand fell 15 percent in 2013 as huge outflows from physically backed investment funds outweighed record consumer demand but that disinvestment is tailing off this year, the World Gold Council said on Tuesday.

Generic drugmaker Actavis Plc (ACT.N) said it would acquire specialty pharmaceuticals company Forest Laboratories Inc (NYS:FRX) in a cash and stock deal it valued at about $25 billion (14 billion pounds).

Coca-Cola says its fourth-quarter profit fell as it sold less soda in North America. For the three months ended Dec. 31, Coca-Cola Co. earned $1.71 billion, or 38 cents per share. Revenue fell to $11.04 billion, short of the $11.31 billion Wall Street expected.

Mobile gamemaker King Digital Entertainment Plc, best known for the hit puzzle game Candy Crush Saga, said it planned to raise up to $500 million in an initial public offering.