Stocks Opened Higher ahead of Yellen Testimony

U.S. stocks opened higher on Tuesday, as investors awaited congressional testimony from Federal Reserve chief Janet Yellen. The Dow Jones Industrial Average lately added 28.76 points, or 0.16%, to 17,833.63. The S&P 500 gained 3.60 points, or 0.17%, to 2,086.85. The Nasdaq Composite was up 11.70 points, or 0.24%, to 4,848.91.

Oil prices fell on Tuesday after a strong two-day rally abated amid volatility fed in part by a vote later this week in Britain that will determine whether the country will leave the European Union. Brent crude August futures (LCOc1) were trading at $50.05 at 1100 GMT, down 60 cents a barrel. U.S. crude’s expiring July front- month contract was down 60 cents at $48.77 a barrel.

Boeing Co. said Tuesday it signed an agreement with Iran Air “expressing the airline’s intent” to buy its aircraft — the Islamic Republic’s first major deal with an American company following its landmark nuclear accord last year with world powers.

Chinese internet giant Tencent Holdings Ltd. and its partners will pay $8.6 billion to buy an 84.3% stake in the maker of the popular “Clash of Clans” mobile game, the companies said, in a deal that values the Finnish game maker at $10.2 billion.

Under fire from investors, SoftBank Group Corp. President Nikesh Arora is stepping down, marking an abrupt end to the tenure of founder and Chief Executive Masayoshi Son’s handpicked successor.