Stocks Started 2017 with a Rally

U.S. stocks opened higher on Tuesday, as renewed post-election optimism sent bond yields, dollar and oil prices sharply higher. The Dow Jones Industrial Average lately gained 123.22 points or 0.62%, to 19,885.82. The S&P 500 added 15.28 points, or 0.68%, to 2,254.11. The Nasdaq Composite rose 35.18 points, or 0.65%, to 5,418.30.

Oil prices hit 18-month highs on Tuesday buoyed by hopes that a deal between OPEC and other big oil exporters to cut production will drain a global supply glut. Benchmark Brent crude jumped more than 2 percent to a high of $58.37, up $1.55 a barrel and its highest since July 2015. By 1430 GMT, Brent had eased to $58.12, up $1.30. U.S. light crude oil hit an 18-month high of $55.24, up $1.52 a barrel, also its highest since July 2015.

Intel Corp. is seeking to buy a stake in HERE, the digital-mapping company owned by Germany’s luxury carmakers, according to a filing to Germany’s Federal Cartel Office.

The energy-rich Central Asian nation of Turkmenistan said Tuesday that it has restricted natural gas deliveries to Iran over unpaid debts.

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