Stocks Opened Higher on Strong Earnings

U.S. stocks opened higher on Tuesday, with the Dow at a record high , driven by a strong earnings season. The Dow Jones Industrial Average lately rose 61.34 points, or 0.28%, to 21,952.46. The S&P 500 gained 3.65 points, or 0.15 %, to 2,473.95. The Nasdaq Composite added 9.33 points, or 015%, to 6,357.45 .

Oil futures traded modestly lower on Tuesday. Light, sweet crude futures for delivery in September fell 33 cents, or 0.6%, to $49.86 a barrel, while October Brent crude retreated by 43 cents, or 0.8%, to $52.29 a barrel.

Americans increased spending in June by the smallest amount in five months as income growth flat-lined, but lower gasoline prices also played a role. Consumer spending rose 0.1% in June, matching the smallest increase of 2017, the government said Tuesday.

Lumber Liquidators Holdings Inc. (LL) reported a surprise second-quarter profit and sales that rose above expectations. The company swung to a profit of $4.48 million, or 16 cents a share, from a loss of $12.2 million, or 45 cents a share, in the same period a year ago. Revenue rose to $263.5 million from $238.1 million.

Sprint Corp. posted a net profit for the first time in three years amid cost-cutting efforts. In all for the June quarter, Sprint posted a profit of $206 million, or 5 cents a share, compared with a loss of $302 million, or 8 cents a share, a year ago. Revenue fell 4.5% to $8.16 billion.

BP PLC on Tuesday reported modest profit for this year’s second quarter. The company said its equivalent of U.S. net earnings was $553 million, compared with a loss of $2.2 billion during the second quarter of 2016.