Stocks Closed Higher ahead of Earnings Season

U.S. stocks closed higher on Tuesday, as optimism appeared to grow ahead of the start of the earnings season. The Dow Jones Industrial Average rose 69.61 points, or 0.31%, to 22,830.68. The S&P 500 added 5.91 points, or 0.23%, to 2,550.64. The Nasdaq Composite gained 7.52 points, or 0.11%, to 6,587.25.

Crude-oil futures settled higher on Tuesday, as a pledge from Saudi Arabia to reduce monthly crude exports, talk of progress toward a balanced market from OPEC and a hurricane-induced slowdown in crude output lifted U.S. prices to their highest level in over a week. November West Texas Intermediate crude gained $1.34, or 2.7%, to settle at $50.92 a barrel. December Brent crude advanced 82 cents, or 1.5%, to end at $56.61 a barrel.

Third-quarter corporate reporting season kicks into high gear on Thursday with results from JPMorgan Chase and Citigroup . With the S&P 500 up 14 percent in 2017, investors are betting on strong earnings growth across the S&P 500.

Procter & Gamble Co (PG.N) said on Tuesday activist hedge fund manager Nelson Peltz lost his fight to win a seat on the company’s board, according to a preliminary tally of shareholder votes in the biggest and most expensive proxy contest ever.

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