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US stock indexes veer higher in morning trading; oil slides

Trader James Riley, left, and specialist Dilip Patel work on the floor of the New York Stock Exchange, Tuesday, Jan. 10, 2017. The stock market is getting off to a mixed start as drops in real estate and utilities offset gains in other sectors including health care. (AP Photo/Richard Drew)
Trader James Riley, left, and specialist Dilip Patel work on the floor of the New York Stock Exchange, Tuesday, Jan. 10, 2017. The stock market is getting off to a mixed start as drops in real estate and utilities offset gains in other sectors including health care. (AP Photo/Richard Drew) Trader James Riley, left, and specialist Dilip Patel work on the floor of the New York Stock Exchange, Tuesday, Jan. 10, 2017. The stock market is getting off to a mixed start as drops in real estate and utilities offset gains in other sectors including health care. (AP Photo/Richard Drew)

By Associated Press 3 min read

Phone companies led the major U.S. stock indexes higher in morning trading Tuesday, as the market recouped some of its losses from the day before. Industrial and bank stocks also rose, while real estate companies were the biggest laggard. Crude oil prices headed lower, pulling down energy stocks.

KEEPING SCORE: The Dow Jones industrial average rose 55 points, or 0.3 percent, to 19,942 as of 11:15 a.m. Eastern Time. The Standard & Poor’s 500 index added 6 points, or 0.3 percent, to 2,275. The Nasdaq composite index gained 23 points, or 0.4 percent, to 5,555. The Nasdaq closed at an all-time high on Monday.

IN THE GENES: Illumina jumped 15.6 percent after it reported better-than-anticipated fourth quarter sales. The company also launched a new genetic sequencing system called NovaSeq. The stock led the gainers in the S&P 500, adding $22.08 to $163.62.

BIG SALE: Struggling drugmaker Valeant Pharmaceuticals climbed 6.7 percent after saying it will sell more than $2 billion in assets. The stock rose $1.04 to $16.39.

HEALTHIER OUTLOOK: Zimmer Biomet added 5.7 percent after the medical device maker projected better-than-expected fourth-quarter sales. The stock rose $6.05 to $113.10.