Stocks Opened Higher, Nasdaq Hit Record High

U.S. stocks opened higher on Tuesday, with the Nasdaq hit a record high, as Google-parent Alphabet climbed after a strong quarter and lifted shares of other technology companies. The Dow Jones Industrial Average lately rose 129.78 points, or 0.52%, to 25,174.07. The S&P 500 added 17.58 points, or 0.63%, to 2,824.56. The Nasdaq Composite gained 71.07 points, or 0.91%, to 7,912.94.

Oil prices clawed higher Tuesday, only mildly supported by underlying tensions between the U.S. and Iran that could further disrupt supply to the global market. September West Texas Intermediate crude was up 38 cents, or 0.5%, at $68.27 a barrel. September Brent crude was up 15 cents, or 0.2%, at $73.20 a barrel.

Verizon Communications Inc reported better-than-expected quarterly profit and revenue on Tuesday. Net income attributable to Verizon fell to $4.12 billion, or $1 per share, in the second quarter ended June 30, from $4.36 billion, or $1.07 a share, a year earlier. Total operating revenue rose to $32.20 billion from $30.55 billion a year ago.

Alphabet Inc.’s second-quarter earnings beat drew praise on Wall Street as several analysts lifted their price targets and said the company’s investment strategy is paying off. Strong advertising growth, slowing traffic acquisition costs and opportunities in cloud and hardware sales have positioned the company for a strong second half of the year, according to Susquehanna.