Stocks moved higher on Tuesday morning, shaking off earlier losses driven by a slump in crude oil.
The S&P 500 was up 0.2%, the Dow Jones Industrial Average gained 0.1%, and the Nasdaq added 0.4%.
Oil prices slumped on Tuesday as doubts rose over whether major oil producers can agree to a production cut. Reports emerged Tuesday morning that Iran's oil minister, Bijan Namdar Zanganeh, had ruled out cuts from the world's sixth-largest producer. Iran had recently argued that Organization of Petroleum Exporting Countries that had increased production in recent months should be responsible for the bulk of production cuts.
This is just another wrench in the works for a possible OPEC agreement. Russia's oil minister reportedly won't attend an Organization of Petroleum Exporting Countries meeting on Wednesday, a day after Saudi Arabia's oil minister, Khalid Al-Falih, expressed his own doubts over the outcome. Al-Falih suggested OPEC should let demand drive prices rather than a production cut.
OPEC aims to limit production to 32.5 million to 33 million barrels a day, though some members are reportedly hesitant to cede market share. The bloc pumped a record 33.83 million barrels a day of oil last month.
West Texas Intermediate crude oil was down 3.7% to $45.35 a barrel on Tuesday morning.
The energy sector was the worst performer on Wall Street Tuesday. Shares of Chevron (CVX - Get Report) , Exxon Mobil (XOM - Get Report) , Royal Dutch Shell (RDS.A - Get Report) and BP (BP - Get Report) tumbled, while the Energy Select Sector SPDR ETF (XLE - Get Report) toppled 1.8%.
The U.S. economy grew at an annual 3.2% pace in the third quarter, according to the second estimate of growth from the Bureau of Economic Analysis. The initial estimate showed an increase of 2.9%, the best quarterly gain in two years. Economists had anticipated the measure to increase 3%. Consumer spending rose 2.8% over the third quarter, while exports increased 10.1%.
Consumer confidence in the U.S. climbed at a faster-than-expected pace in November. The measure rose to 107.1 from 100.8 in October, above consensus of 101.1.
U.S. home prices reached all-time highs in September thanks to strong demand and constrained inventory. The S&P/Case-Shiller 20-City Index was 5.1% higher in September than a year earlier. Metropolitan areas in the West, including Seattle and Portland, drove prices higher.
Tiffany (TIF - Get Report) added more than 2% after posting an increase in third-quarter profit that came in above estimates. The jewelry retailer earned 76 cents a share, 6 cents higher than a year earlier and above consensus of 67 cents. Same-store sales fell 2%, better than an estimated decline of 4.1%, as sales in Japan skyrocketed. Same-store sales in Japan unexpectedly surged 20%, far better than an estimated 4.3% decline.
UnitedHealth (UNH - Get Report) increased 3% after guiding for an upbeat 2017. The health insurer said it anticipates adjusted earnings of $9.30 to $9.60 a share over fiscal 2017 on revenue of $197 billion to $199 billion. Analysts anticipated adjusted earnings of $7.51.
Pfizer (PFE - Get Report) was upgraded to overweight from equal-weight at Barclays. Analysts said the company should be able to use foreign cash to boost returns and that the oncology business will drive growth.