US stocks edge higher as oil prices boost energy companies
U.S. stocks are slightly higher Tuesday morning as energy companies rise along with the price of crude oil. PepsiCo is gaining ground after reporting solid second-quarter results. The market has risen recently as investors expect strong earnings reports from various industries in the next few weeks.
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KEEPING SCORE: The S&P 500 index added 7 points, or 0.3 percent, to 2,792 as of 10 a.m. Eastern time. The Dow Jones Industrial Average rose 126 points, or 0.5 percent, to 24,904. The Nasdaq composite inched up 2 points to 7,758. The Russell 2000 index of smaller-company stocks was little changed at 1,705.
The S&P 500 is on pace for its fourth gain in a row, and its seventh increase in the last eight days. As of Friday the U.S. and China are in open conflict over trade, but Wall Street has focused instead on last week's strong jobs report for the month of June as well as earnings reports. Major U.S. banks will start announcing their results Friday.
DRINK UP: PepsiCo's beverage sales are still struggling as the company tries to adjust to Americans' changing drinking habits. The maker of Gatorade, Mountain Dew and Tropicana said sales in North America fell, but its earnings were better than expected.
The stock rose 4.4 percent to $112.48.
ENERGY: Energy companies climbed with oil prices again as U.S. crude continued to trade at its highest price since late 2014. On Tuesday it added 1 percent to $74.59 a barrel in New York. Brent crude, used to price international oils, gained 1.7 percent to $79.40 a barrel in London.
Exxon Mobil rose 1.5 percent to $84.11 and Chevron picked up 1.8 percent to $128.30.
BONDS: Bond prices were little changed. The yield on the 10-year Treasury note held steady at 2.86 percent.
EARLY LOSERS: Financial and consumer-focused companies took small losses. Charles Schwab lost 0.7 percent to $51.55 and Raymond James dipped 0.5 percent to $91.89. Cable company Charter lost 0.9 percent to $305.39 and toymaker Mattel slid 1.5 percent to $17.36.
CURRENCIES: The dollar rose to 111.23 yen from 110.82 yen. The euro fell to $1.1712 from $1.1749.
OVERSEAS: France's CAC 40 was up 0.6 percent and the German DAX added 0.7 percent. The FTSE 100 index of British shares rose 0.2 percent.
Japan's benchmark Nikkei 225 added 0.7 percent and South Korea's Kospi gained 0.4 percent. In Hong Kong the Hang Seng dipped less than 0.1 percent.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP His work can be found at https://apnews.com/search/marley%20jay
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