U.S. stocks opened slightly higher on Tuesday after worries about the financial health of European banking giant Deutsche Bank. The Dow Jones Industrial Average lately climbed 48.24 points, or 0.26%, to 18,302.09. The S&P 500 rose 3.05 points, or 0.14%, to 2,164.25. The Nasdaq Composite added 19.73 points, or 0.37%, to 5,320.61.
In its latest report on the global economic outlook, the IMF’s trimmed its forecast for U.S. growth this year by 0.6% and next year by 0.3%, and noted that the Federal Reserve has so far judged a second interest rate increase as too risky.
Oil futures pulled back from three-month highs in trading Tuesday following a rally fueled by rising optimism over a possible OPEC supply deal. Light, sweet crude futures for delivery in November traded at $48.48 a barrel, down 33 cents, or 0.7%. December Brent crude fell 29 cents, or 0.6%, to $50.60 a barrel.
Microsoft (NASDAQ: MSFT) announced Tuesday it was expanding its strategic partnership with ABB (Swiss Exchange: ABBN-CH), just as the Swiss engineering firm was rebuffing investor calls to split up its business.
Darden Restaurants Inc. posted stronger-than-expected earnings in its latest quarter. In the three months ended in August, Darden’s overall same-store sales grew 1.3%. The company now expects per-share profit of $3.87 to $3.97, up from its prior range of $3.80 to $3.90 a share.
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