Stocks Closed Higher as Energy Shares Rallied

U.S. stocks closed higher on Tuesday, supported by gains in energy stocks. The Dow Jones Industrial Average gained 89.39 points, or 0.50%, to 17,918.15. The S&P 500 added 5.74 points, or 0.27%, to 2,109.79. The Nasdaq Composite was up 17.98 points, or 0.35%, to 5,145.13.

The U.S. is speeding toward what could be a record year for auto sales. Sales of new cars and trucks rose by double-digit percentages at most major automakers in October, and companies are raising their expectations for the rest of the year.

Electric car maker Tesla Motors Inc (TSLA.O) reported its biggest loss in 10 quarters as it spent heavily on the rollout of the Model X SUV and the development of the Model 3 vehicle. The Elon Musk-led company’s net loss widened to $229.9 million, or $1.78 per share, in the third quarter ended Sept. 30 from $74.7 million, or 60 cents per share, a year earlier.

CBS Corp, owner of the most-watched U.S. TV network, reported a 3.3 percent fall in quarterly revenue due to lower advertising and content licensing revenue. Net income from continuing operations rose to $426 million, or 88 cents per share, in the third quarter ended Sept 30, from $72 million, or 13 cents per share, a year earlier. Revenue fell to $3.26 billion from $3.37 billion.

Zynga Inc. swung to a profit in its third quarter and posted an 11% increase in revenue, but the game developer offered a soft outlook for the holiday quarter. For the period ended Sept. 30, Zynga swung to a profit of $3.05 million in the period ended Sept. 30, compared with a loss of $57.1 million a year earlier.