NEW YORK (TheStreet) -- The S&P 500 and Dow Jones Industrial Average extended modest gains by early afternoon Tuesday as oil rallied after the Energy Information Administration increased its forecast for the average price of crude over 2015.
The S&P 500 was up 0.26%, the Dow gained 0.09%, and the Nasdaq added 0.08%.
The EIA raised 2015 forecasts for West Texas Intermediate crude to an average $55.35 a barrel, above a previous forecast of $54.32. The organization trimmed 2016 forecasts to an average $62.04 a barrel, down from a previous $65.57.
West Texas Intermediate crude rallied Tuesday after several days of losses. The commodity closed 3.4% higher to $60.14 a barrel.
A White House press briefing was temporarily suspended Tuesday afternoon after Secret Service called upon the press to evacuate. Reporters have returned and details are still emerging as to the kind of threat that prompted the evacuation.
U.S. job openings in April rose to 5.38 million, the highest since December 2000 and up from March's 5.11 million, according to the Job Openings and Labor Turnover Survey. The latest data is dated given investors already have reviewed May's jobs figures from the Labor Department, though the date still provide additional details as to recent strength in the labor market.
U.S. wholesale inventories increased 0.4% in April, according to the U.S. Commerce Department. The reading was double expectations and up from a 0.1% increase in March.
Inflation in China in May increased at a slower-than-expected pace with consumer prices rising 1.2% year over year, short estimates for a 1.3% increase. Producer prices plummeted 4.6% from a year earlier, the 38th straight month of decline.