Stocks Opened Higher, Led by Energy and Bank Shares

U.S. stocks opened higher on Tuesday as the energy sector gained from oil prices hitting four-year highs, while bank stocks rose in anticipation of a Federal Reserve rate hike. The Dow Jones Industrial Average lately rose 39.91 points, or 0.15%, to 26,601.96. The S&P 500 was up 1.08 points, or 0.04%, to 2,920.45. The Nasdaq Composite was down 1.01 point, or 0.01%, to 7,992.23.

Oil futures on Tuesday extended a recent uptrend that has taken the global benchmark to around a four-year high and put its U.S. counterpart on track for its longest streak of advances since the end of July, supported by expectations for coming slack in Iranian output. November Brent rose 57 cents, or 0.7%, at $81.10 a barrel. November West Texas crude added 33 cents, or 0.5%, at $72.41 a barrel.

Home prices continued to rise at a slower pace in July. Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index reported a 6% annual gain in July, down from 6.2% in the previous month.

Drive-in restaurant chain Sonic Corp said on Tuesday it had agreed to be bought by Arby’s-owner Inspire Brands Inc for $1.57 billion in cash. Inspire will pay about $43.50 per Sonic share, a 19 percent premium to the stock’s Monday close.

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