Stocks Opened Higher on Bargain Hunting

U.S. stocks opened higher on Tuesday as recent weakness inspired some investors to hunt for investment opportunities. The Dow Jones Industrial Average lately rose 111.20 points, or 051%, to 21,814.95. The S&P 500 gained 13.44 points, or 0.55%, to 2,441.81. The Nasdaq Composite added 46.23 points, or 0.74%, to 6,259.36.

Oil prices climbed on Tuesday, as investors look ahead to U.S. supply data that are expected to confirm the market is tightening. Crude oil for September rose 9 cents, or 0.2%, to $47.46 a barrel. October Brent put on 16 cents, or 0.3%, to $51.82 a barrel.

A group of leading retailers and food companies including Nestlé and Walmart have signalled their commitment to “strengthen consumer confidence” in the foods they purchase by announcing a major blockchain collaboration with IBM.

BHP Billiton, the world’s largest miner, reported a surge in underlying full-year profits on Tuesday and said it would exit its underperforming U.S. shale oil and gas business. It generated more cash than even in some years of the mining boom, slashed net debt by nearly $10 billion to $16.3 billion and tripled its final dividend to $0.43 a share. Underlying profit was $6.7 billion.

Ford Motor is exploring setting up a joint venture with Chinese firm Anhui Zotye Automobile Co to build electric passenger vehicles in China under a new brand, tapping into a boom for such vehicles in the world’s top auto market.