Wall Street Opens Higher Ahead of Data

Stocks in New York open to the upside Tuesday as investors await the release of service sector, factory orders and pending home sales data.
Publish date:

Stocks in New York -- and oil futures as well -- were moving higher early Tuesday ahead of the release of more economic data and Federal Open Market Committee minutes.


Dow Jones Industrial Average

was up 73 points at 9026, and the

S&P 500

climbed 8 points at 936. The


was rising 14 points at 1642.

Of Tuesday's data, the Institute for Supply Management will release its December index of non-manufacturing activity, the Commerce Department will post its report on November factory orders, and the National Association of Realtors will provide its November index of pending sales of existing homes.

Investors will also have an eye on minutes from the December meeting of the

Federal Reserve

in which the key benchmark interest rate was scaled back to a range of zero to 0.25%.

Wall Street posted an apathetic trading session Monday as updates on U.S. auto sales, Steve Jobs, the president elect's stimulus plan and disgraced investor Bernard Madoff played on the market.


analyst actions

Tuesday, Oppenheimer upgraded


(AAPL) - Get Report

to outperform and raised its price target a day after CEO Steve Jobs wrote a "Dear Apple Community" letter on his health, reassuring investors he'd stay at the helm.

Also, Merriman upgraded


(GOOG) - Get Report

to neutral from sell, while Bernstein, which has an outperform rating, cut its estimates for the company.

Taking a look at commodities, oil was up $1.28 at $50.09 a barrel, while gold gave up $12.10 to $845.70 an ounce.

The 10-year Treasury note was giving up 23/32 to yield 2.6%, and the 30-year note was down 1 19/32, yielding 3.1%. The dollar was stronger against the euro, pound and yen.

Overseas, the FTSE in London and the DAX in Frankfurt were both edging higher Tuesday. In Asia, Japan's Nikkei ended higher and Hong Kong's Hang Seng ended with modest losses.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. AP contributed to this report.