Stocks Opened Higher as Oil Rallied

U.S. stocks opened higher on Tuesday, as a rally in oil prices helped push the main indexes higher. The Dow Jones Industrial Average lately gained 216.37 points, or 1.25%, to 17,584.87. The S&P 500 rose 27.78 points, or 1.37%, to 2,049.72. The Nasdaq Composite added 68.22 points, or 1.38%, to 5,020.45.

Oil prices rose on Tuesday, adding to the prior day’s move higher. Crude futures for delivery in January traded at $36.89 a barrel, up 58 cents or 1.6%. January Brent crude rose 72 cents, or 1.9%, to $38.88 a barrel.

The falling cost of gas and food kept consumer prices in check in November but some inflationary pressure appears to be building in the economy. The consumer price index was flat on a seasonally adjusted basis, the Bureau of Labor Statistics said Tuesday.

SiriusXM Holdings Inc. the satellite radio operator, said it has signed a 12-year agreement to keep on broadcaster Howard Stern. The deal includes a plan for the company to launch a venture in video programming with Stern, who announced the news on his morning show.

The tax-free treatment of the spin-offs Dow Chemical Co and DuPont plan to carry out after they merge their businesses is a prime driver of the deal, potentially saving tens of billions of dollars, industry experts said.

3M Co. cut its earnings forecast again for the year, saying it is battling a “continued slow-growth global economy,” as it continues to try to reinvigorate itself through layoffs and divestures. The company now estimates 2015 earnings per share of $7.55, compared with a range of $7.60 to $7.65 previously.