Stocks Opened Higher ahead of Powell Hearing

U.S. stocks opened with small gains on Tuesday, ahead of a confirmation hearing for Federal Reserve chair nominee Jerome Powell. The Dow Jones Industrial Average lately rose 70.74 points, or 0.30%, to 23,651.52. The S&P 500 gained 4.25 points, or 0.16%, to 2,605.67. The Nasdaq Composite added 2.81 points, or 0.04%, to 6,881.33.

Oil prices dipped on Tuesday, weighed down by uncertainty over the outcome of an OPEC meeting next week at which an extension to its price-supporting oil output cuts will be discussed. Brent crude oil fell 44 cents on the day to $63.40 a barrel by 1406 GMT. U.S. light crude was 26 cents lower at $57.85.

The S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in September, up from 5.9% a month earlier — the fastest annual rate increase since June 2014.

Automation-systems maker Emerson Electric Co (EMR.N) on Tuesday abandoned its bid for Rockwell Automation Inc (ROK.N) after its smaller rival snubbed several of its buyout offers.

Alibaba Group Holding Limited BABA) recently announced that it intends to sell U.S. dollar-denominated senior unsecured notes in an underwritten registered public offering.