Stocks Opened Higher, Oil Steadied

U.S. stocks opened firmly higher on Tuesday, amid stabilization in oil prices, as investors were awaiting a reading of new-home sales. The Dow Jones Industrial Average lately gained +176.65 points, or 1.01%, to 17,669.58. The S&P 500 picked up 19.20 points, or 0.94%, to 2,067.24. The Nasdaq Composite rose 52.09 points, or 1.09%, to 4,817.88.

Oil reversed early losses to turn positive on Tuesday, as investors awaited crude oil inventory data from the United States that was expected to show a shrinking supply overhang. Brent futures had gained 26 cents to $48.34 a barrel by 1242 GMT.

Toll Brothers Inc. on Tuesday reported better-than-expected profit and revenue in the second quarter. The company narrowed its annual revenue guidance to a range of $4.76 billion to $5.36 billion; the previous projection was $4.6 billion to $5.4 billion.

Best Buy Co. Inc. (BBY) said it sees second-quarter earnings below consensus. The company reported first-quarter net income of $229 million, or 70 cents per share, up from $129 million, or 36 cents per share, for the same period last year. Revenue totaled $8.44 billion, down from $8.56 billion last year.

The burgeoning mobile-payment industry that allows consumers to buy stuff in stores with their smartphones has been led by technology giants such as Apple Inc. and Alphabet Inc.’s Google.