Stocks Opened Higher on EU Fiscal Stimulus

U.S. stocks opened higher on Tuesday, following global equities higher, after European Union leaders agreed to a breakthrough fiscal stimulus deal to help support the virus-stricken region. The Dow Jones Industrial Average lately advanced 253.13 points, or 0.95%, to 26,934.00. The S&P 500 rose 17.73 points, or 0.55%, to 3,269.57. The Nasdaq Composite climbed 4.03 points, or 0.04%, to 10,763.06.

Oil futures headed sharply higher on Tuesday, as markets grow more positive about the world’s ability to address the COVID-19 pandemic which has crushed demand for crude and its byproducts. West Texas Intermediate crude for September delivery rose $1.28, or 3.1%, at $42.20 a barrel. September Brent crude climbed by $1.34, or 3.1%, at $44.64 a barrel.

European Union leaders finally clinched a deal on an unprecedented 1.8 trillion-euro ($2.1 trillion) budget and coronavirus recovery fund early Tuesday. To confront the biggest recession in its history, the EU will establish a 750 billion-euro coronavirus fund, partly based on common borrowing, to be sent as loans and grants to the hardest-hit countries.