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U.S. Stocks Gain Steam on Higher Oil; Valeant Pharmaceuticals Surges

U.S. stocks gained steam Tuesday, as oil prices inched higher.
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U.S. stocks gained steam Tuesday, as oil prices inched higher. The closely watched commodity remained above $43 a barrel on reports OPEC will meet in September. Oil prices hit a two-month low last week. Valeant Pharmaceuticals (VRX) reported earnings of $1.40 a share, missing estimates of $1.48. Revenue of $2.42 billion fell short of the $2.46 billion analysts were looking for. Though shares surged some six percent, as the embattled drugmaker expects 2016 earnings of $6.60 to $7.00 a share, eclipsing estimates of $6.53. Coach (COH) shares slipped after reporting earnings of $0.45 a share, beating forecasts of $0.41. Same store sales rose two percent in North America, topping forecasts of a 1.8 percent increase. Shares of Gap (GPS) - Get Gap, Inc. Report fell after same-store sales dipped four percent in July amid weakness at Banana Republic stores, while analysts had expected a one percent decline. The stock fell 3.5 percent. TheStreet's Scott Gamm reports from Wall Street.

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