Stocks Opened Higher as Oil Prices Steady

U.S. stocks opened higher on Tuesday, as a rebound in oil prices helped push all three U.S. benchmarks higher. The Dow Jones Industrial Average lately gained 168.29 points, or 0.96%, to 17,696.56. The S&P 500 rose 16.29 points, or 0.79%, to 2,072.79. The Nasdaq Composite added 39.38 points, or 0.78%, to 5,080.37.

Oil prices steadied not far off their 11-year lows on Tuesday, under pressure from slowing global demand and abundant supplies. International benchmark Brent and U.S. WTI crude prices edged up by 1 percent after falling 3 percent on Monday to trade around $37 per barrel as of 1320 GMT. Brent stood only one dollar away from its 11-year low of $35.98 reached last week.

Annualized U.S. single-family home prices rose in October at a slightly faster pace than in September and above market expectations, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 5.5 percent in October on a year-over-year basis compared with 5.4 percent in the year to September.

Shares of Pep Boys are heading for their highest point in eight years after the company received yet another offer from activist investor Carl Icahn, putting the deal in the neighborhood of $1 billion.