Stocks Opened Higher, Nasdaq Hit a Record High

U.S. stocks opened higher on Tuesday, with the Nasdaq hitting a record high, led by gains in technology stocks. The Dow Jones Industrial Average lately rose 145.52 points, or 0.62%, to 23,575.85. The S&P 500 gained 14.49 points, or 0.56%, to 2,596.63. The Nasdaq Composite added 53.19 points, or 0.78%, to 6,843.91.

Oil prices were only slightly firmer on Tuesday as traders looked ahead to a meeting next week at which major crude exporters are expected to extend production cuts but the prospect of rising U.S. output capped gains. Brent crude oil was up 12 cents at $62.34 a barrel at 1145 GMT. U.S. light crude was at $56.56, up 14 cents.

Lowe’s Cos Inc’s (LOW) third-quarter comparable sales topped analysts’ estimates on Tuesday. Sales at Lowe’s stores open at least a year increased 5.7 percent in the quarter ended Nov. 3. Net sales rose 6.6 percent to $16.77 billion, beating analysts’ average estimate of $16.59 billion. Net income more than doubled to $872 million.

Janet L. Yellen, chairwoman of the Federal Reserve, said on Monday that she would step down from the Fed’s board at the same time that she ends her term as chairwoman. President Trump decided earlier this month to nominate Jerome H. Powell, a Republican who sits on the Fed’s board, as the next chairman.