Stocks Opened Higher; Oil Prices Rose

U.S. stocks opened higher on Tuesday tracking a global stock rally as oil prices rose. The Dow Jones Industrial Average lately added 77.25 points, or 0.47%, to 16,593.75. The S&P 500 gained 11.43 points, or 0.59%, to 1,943.66. The Nasdaq Composite was up 32.25 points, or 0.71%, to 4,590.20.

Oil prices rose on Tuesday after China’s surprise monetary policy easing stoked expectations for higher oil demand from the world’s largest commodities consumer and signs emerged that a global supply glut was starting to deflate. Benchmark Brent crude futures were up 44 cents at $37.01 a barrel at 1304 GMT, the highest in eight weeks.

Honeywell International Inc <HON.N> said it was scrapping its $90.7 billion offer to buy rival United Technologies Corp <UTX.N>, citing the company’s unwillingness to engage in negotiations.

Dollar Tree Inc. said sales more than doubled in its latest quarter as the discount retailer folds in and spruces up stores it acquired when it bought rival Family Dollar last year, but the increase still fell short of expectations. Sales at stores open for at least a year rose 1.7% on a constant-currency basis from a year earlier, down from the 5.6% pace reported in last year’s quarter and short of the 2.2% clip analysts expected.

Fiat Chrysler Automobiles NV on Tuesday posted a 12% rise in February U.S. auto sales. Fiat Chrysler sold 182,879 vehicles in January, compared with 163,586 for the month last year, extending the Italian-U.S. auto maker’s sales gains streak to 71 months.