Stocks Opened Higher as Oil Prices Rebounded

U.S. stocks opened slightly higher on Tuesday tracking a rebound in oil prices. The Dow Jones Industrial Average lately gained 109.64 points, or 0.69%, to 15,994.86. The S&P 500 added 6.12 points, or 0.33%, to 1,883.20. The Nasdaq Composite was down 7.16 points, or 0.16%, to 4,511.33.

Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades. Brent crude was up 37 cents to $30.87 a barrel by 1214 GMT.

Annualized U.S. single-family home prices rose more than expected in November and at the fastest pace in 16 months, a closely watched survey showed on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas rose 5.8 percent in November on a year-over-year basis compared with 5.5 percent the month before.

American International Group Inc (AIG.N) said it would spin off its mortgage insurance unit, cut jobs and sell its broker-dealer network as part of a sweeping overhaul promised to shareholders to fend off activist investor Carl Icahn. It plans to cut $1.6 billion of costs and return at least $25 billion to shareholders over the next two years.

Mining and metals giant Freeport-McMoRan Inc. reported a smaller-than-expected loss for the fourth quarter. The company said it had a loss of $4.1 billion, or $3.47 a share, in the quarter, after a loss of $12.2 billion, or $11.31 a share, in the year-earlier period.

GoPro Inc. (GPRO) is teaming up with Twitter-owned Periscope TWTR, -1.73% to allow users to broadcast feeds from their GoPro Hero 4 through the live-video app on iPhones.