Stocks Jumped at Open after Earnings

U.S. stocks opened Sharply higher on Tuesday, as investors digested a series of corporate earnings results. The Dow Jones Industrial Average lately gained 283.48 points, or 1.17%, to 24,417.26. The S&P 500 advanced 32.07 points, or 1.11%, to 2,910.55. The Nasdaq Composite climbed 55.82 points, or 0.64%, to 8,785.99.

U.S. oil prices remained under pressure on Tuesday, as concerns over a lack of storage for the commodity continued to dog the market. The front-month June WTI crude fell $1.61, or 12.6%, to $11.17 a barrel after trading as low as $10.07. June Brent crude declined by 21 cents, or 0.9%, to $22.86 a barrel.

3M Co. (MMM) reported first-quarter profit and revenue that beat expectations. Net income rose to $1.29 billion, or $2.22 a share, from $891 million, or $1.51 a share, in the year-ago period. Revenue grew 2.7% to $8.08 billion.

Caterpillar Inc. (CAT) said Tuesday it had net income of $1.092 billion, or $1.98 a share, in the quarter, down from $1.881 billion, or $3.25 a share, in the year-earlier period. Revenue came to $10.6 billion, down from $13.5 billion.