NEW YORK (AP) – U.S. stocks are slightly higher Tuesday after giving up much of an early gain. Cruise lines are up after Carnival had a stronger third quarter than analysts expected, but banks and energy companies are down. Investors are also monitoring a speech by Federal Reserve Chair Janet Yellen about inflation and monetary policy.
KEEPING SCORE: The Standard & Poor’s 500 index advanced 3 points, or 0.1 percent, to 2,499 as of 1 p.m. Eastern time. The Dow Jones industrial average rose 14 points, or 0.1 percent, to 22,311. The Nasdaq composite gained 13 points, or 0.2 percent, to 6,384 after a drop of 0.9 percent on Monday. The Russell 2000 index of smaller-company stocks picked up 5 points, or 0.4 percent, to 1,457 after closing at a record high the day before.
SAILING ALONG: Carnival’s third-quarter profit and revenue surpassed Wall Street’s expectations. The cruise line raised its annual forecasts and said bookings and prices for next year are higher than they were at this time a year ago. Carnival gained $2.07, or 3.3 percent, to $65.57 and competitor Royal Caribbean Cruises rose $3.32, or 2.9 percent, to $117.20.
TECH RESET: Chipmaker Nvidia rose after it said several major Chinese companies, including e-commerce giants Alibaba and Baidu, will use its products in data centers and cloud computing platforms. Its added $3.50, or 2 percent, to $174.50.
Open-source software maker Red Hat climbed $4.13, or 3.9 percent, to $109.89 after a better-than-expected second quarter. Some other big technology companies recovered after sharp losses a day earlier. Apple picked up $2.07, or 1.4 percent, to $152.62.