Stocks Nudged Higher ahead of Fed Meeting

U.S. stocks opened little changed and nudged higher in early trading on Tuesday, as investors remained cautious ahead of the two-day Federal Reserve Open Market Committee meeting and continued lack of progress in Greek debt talks. The Dow Jones Industrial Average lately rose 67.51 points, or 0.38%, to 17,858.68. The S&P 500 gained 4.58 points, or 0.22%, to 2,089.01. The Nasdaq Composite added 9.65 points, or 0.19%, to 5,039.63.

U.S. housing starts fell in May after a hefty increase the prior month, but a surge in permits for future construction to a near eight-year high suggested the pullback was temporary and pointed to underlying strength in housing. Groundbreaking dropped 11.1 percent to a seasonally adjusted annual pace of 1.04 mullion units, the Commerce Department said on Tuesday.

Coty Inc., the beauty products and fragrance manufacturer, has won an auction to purchase two related businesses from Procter & Gamble. Coty has also won a third auction — for P&G’s hair-care lines.

UnitedHealth Group Inc. (UNH) has approached Aetna Inc. (AET) about a takeover deal that would likely be valued at more than $40 billion, the latest move in a frenzy of merger talks in the health-insurance industry.

Gap Inc. (GPS) said Monday that it plans to close about 175 of its namesake North American stores, or about 25% of its total, over the next few years “to better reflect how customers shop.”

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