Stocks Closed Higher, Helped by Tech

U.S. stocks closed higher on Tuesday, helped by gains in Verizon Communications and technology companies including Alphabet and Facebook. The Dow Jones Industrial Average rose 119.16 points, or 0.60%, to 19,881.76. The S&P 500 was up 19.00 points, or 0.85%, to 2,257.83. The Nasdaq Composite gained 45.97 points, or 0.85%, to 5,429.08.

Oil futures made a sharp turn lower Tuesday, with traders anxious to find out whether OPEC and other major oil producers will stick to their pledge to cut back output. February West Texas Intermediate crude fell by $1.39, or 2.6%, to settle at $52.33 a barrel. March Brent shed $1.35, or 2.4%, to $55.47 a barrel.

Ford Motor Co. said Tuesday it is scrapping plans for a new $1.6 billion assembly plant in Mexico, instead choosing to build small cars in an existing Mexican factory, and invest $700 million in a Michigan facility that will build electric vehicles.

Tesla Motors Inc. fell short of analysts’ estimates for fourth-quarter deliveries. The company delivered approximately 22,200 vehicles in the fourth quarter, Tesla said in a statement Tuesday. That brings the year-end total to 76,230, below Tesla’s guidance.