Stocks Opened Higher as China Contained Fall in Currency

U.S. stocks opened higher on Tuesday, recovering some of Monday’s losses after China’s central bank fixed its yuan at a stronger-than-expected level. The Dow Jones Industrial Average lately gained 146.59 points, or 0.57%, to 25,864.33. The S&P 500 added 21.16 points, or 0.74%, to 2,865.90, The Nasdaq Composite gained 73.98 points, or 0.96%, to 7,800.02 points.

Crude-oil futures snapped back Tuesday in a move mimicking the early recovery for the stock market. West Texas Intermediate crude for September delivery was up 38 cents, or 0.7%, at $55.07 a barrel. October Brent crude rose 25 cents, or 0.4%, at $60.06 barrel.

On Tuesday, People’s Bank of China (PBOC) set the yuan fixing at 6.9683 against the U.S., a stronger rate than had been expected by consensus economists.

Media behemoth Disney (DIS) and pizza chain Papa John’s (PIZZA) are both scheduled to release quarterly results after the market close Tuesday.

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