Stocks Allied on Energy Sector Boost

U.S. stocks ended higher on Tuesday as a rally in energy and materials stocks led the gains. The Dow Jones industrial average rose 165.65 points, or 0.96%, to 17,417.27. The S&P 500 gained 17.82 points, or 0.88%, to 2,038.97. The Nasdaq Composite added 32.19 points, or 0.65%, to 5,001.11.

Nike Inc. (NKE) topped Wall Street estimates for quarterly earnings and said orders were higher than last year, but sales fell short of the consensus estimate. The company reported fiscal second-quarter earnings of 90 cents a share on revenue of $7.69 billion.

PSivida Corp. reported positive results from a late-stage clinical trial for a new eye disease-treating drug. The company said early Tuesday that Medidur, a drug that treats chronic noninfectious posterior uveitis, met its primary efficacy endpoint in a Phase 3 trial.

Starbucks expects to sell a record number of gift cards to last-minute shoppers on Christmas Eve. Last year on Dec. 24, it sold about 1,700 gift cards per minute, and Starbucks (SBUX) estimates that one in seven U.S.. adults received one during the 2014 holiday season.

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