Stocks Opened Higher as Brexit Anxiety Eased

U.S. stocks opened higher on Tuesday as Wall Street attempted to steady itself after two days of brutal losses in the aftermath of the U.K.’s vote to quit the European Union. The Dow Jones Industrial Average lately gained 186.14 points, or 1.09%, to 17,326.38. The S&P 500 rose 23.30 points, or 1.16%, to 2,023.84. The Nasdaq Composite advanced 69.56 points, or 1.51%, to 4,664.00.

U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and software investment partially offsetting weak consumer spending. Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday.

Volkswagen AG has agreed to spend $14.7 billion to get hundreds of thousands of emissions-cheating diesel vehicles off U.S. roads and placate regulators, in settlements that set a U.S. auto-industry record but still leave VW facing criminal and civil complaints on three continents.

Lending Club Corp (LC.N) said it would cut 12 percent of its workforce as loan originations decline, and the online lender disclosed further loan irregularities by ousted Chief Executive Officer Renaud Laplanche. The company also said on Tuesday that interim CEO Scott Sanborn would replace Laplanche at the top of the company.

Dow Chemical Co. plans to eliminate about 2,500 jobs and shut plants in North Carolina and Japan to achieve $500 million in cost savings and more revenue from taking full control of its Dow Corning Corp. silicone venture.

Oil prices rose for the first time in three sessions on Tuesday, rebounding from a Brexit-fueled selloff that sent crude futures to a seven-week low on concerns of a slowdown in the global economy. Crude oil for August rallied $1.27, or 2.7%, to $47.60 a barrel, while Brent for the same month gained $1.20, or 2.5%, to $48.35 a barrel.