Stocks Opened Higher as Oil Prices Stabilized

U.S. stocks opened higher on Tuesday as crude oil prices stabilized following an announcement that several major producers would freeze production. The Dow industrials lately rose 101.83 points, or 0.64%, to 16,075.67. The S&P 500 rose 16.13 points, or 0.86%, to 1,880.91. The Nasdaq Composite rose 59.65 points, or 1.38%, to 4,397.16.

Saudi Arabia, Russia, Qatar and Venezuela said Tuesday they wouldn’t increase crude-oil output above January’s levels as long as other major oil producers followed suit, in the first coordinated move to boost oil prices in years. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March rose 65 cents, or 2.2%, to $30.09 a barrel.

General Electric Co (GE.N) is exploring potential business opportunities in Iran and the chief executive of its oil and gas division visited the country recently, a company spokeswoman said.

Amazon.com Inc (AMZN.O) said it has acquired Indian payments processor Emvantage Payments Pvt Ltd for an undisclosed sum. Emvantage’s employees will join Amazon’s India unit that will use the company’s technology on its e-commerce website, Amazon said in a statement.

Home security services company ADT has agreed to be purchased by affiliates of Apollo Global Management for about $6.94 billion. ADT shareholders will receive $42 per share. That’s a 56 percent increase from Friday’s closing price of $26.87.

Pfizer Inc. on Tuesday said its Wyeth unit agreed to pay $784.6 million to settle claims over Medicaid rebates, prompting the drug giant to revise its fourth- quarter results downward.