Stocks Opened Higher on Healthy Earnings

U.S. stocks opened higher on Tuesday on the back of healthy earnings reports and a recovery in Turkish currency. The Dow Jones Industrial Average lately rose 68.04 points, or 0.27%, to 25,255.74. The S&P 500 added 9.21 points, or 0.33%, to 2,831.14. The Nasdaq Composite gained 10.05 points, or 0.13%, to 7,829.75.

Oil futures moved higher Tuesday after Saudi Arabia said it had cut production in July, on top of market expectations for lighter Iranian output. West Texas Intermediate crude for September delivery rose 69 cents, or 1%, to $67.89 a barrel. October Brent crude was up 82 cents, or 1.1%, at $73.42 a barrel.

Home Depot Inc. (HD) reported fiscal second-quarter earnings and revenue that beat expectations, and raised the full-year outlook. Net income for the quarter to July 29 increased to $3.51 billion, or $3.05 a share, from $2.67 billion, or $2.25 a share, in the same period a year ago. Revenue rose 8.4% to $30.46 billion.

Coca-Cola Co (KO) is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, it said on Tuesday, seeking to mount a stronger challenge to PepsiCo’s (PEP) Gatorade.

Tapestry Inc, formerly Coach, forecast full-year sales above analysts’ expectations on Tuesday after reporting a 31 percent jump in fourth-quarter revenue due to strong demand for Kate Spade handbags. Net income rose to $211.7 million, or 73 cents per share, in the fourth quarter ended June 30, from $151.7 million, or 53 cents per share, a year earlier.