US open: Stocks mostly higher as oil prices rise

US stocks were mostly higher on Tuesday as oil prices regained strength from post-Doha meeting lows.

At 1538 BST, the Dow Jones Industrial Average and the S&P 500 rose 0.33% but the Nasdaq fell 0.14%.

Oil was continuing to rebound from the heavy losses seen after the meeting of OPEC and non-OPEC producers in Doha on Sunday, which failed to yield an agreement to freeze production.

“The stability in oil prices has strengthened attitudes among traders who are developing a strong appetite for riskier assets. After an initial plunge in oil prices due to a failed meeting in Doha, oil prices recovered remarkably and this has served as a signal that no more adverse news can cause any major dents for oil,” said Naeem Aslam, chief market analyst at AvaTrade.

West Texas Intermediate crude gained 3.2% to $41.13 per barrel and Brent climbed 2.6% to $44.06 per barrel at 1542 BST.

Meanwhile, investors weighed mixed earnings from Goldman Sachs, Johnson & Johnson, UnitedHealth, Harley Davidson and Philip Morris International.

Goldman Sachs shares rose despite reporting a 60% drop in profits for the fourth quarter in a row, reflecting lower revenues at its key fixed income, currencies and commodities trading unit.

Johnson & Johnson advanced after raising its guidance for the year and reporting first quarter earnings that beat forecasts.

Harley-Davidson also jumped after first quarter earnings surpassed what analysts had projected.

Philip Morris International slumped after the tobacco giant posted first-quarter results that missed estimates.

Intel, Yahoo, Discover Financial Services, Intuitive Surgical and VMware are expected to report quarterly results after the closing bell.

In economic data, US housing starts fell a little more than expected in March, according to the Commerce Department. Housing starts declined 8.8% from February to a seasonally-adjusted annual rate of 1.09m compared with expectations for a drop to 1.17m. This was a 14.2% increase from the same month in 2015.

"Starts and permits almost always drop in March when Easter falls in the month. In short, the story is sufficiently uncertain that it would be very premature to draw firm conclusions about either the current state of the housing markets or the outlook. We expect a clear rebound in April," Ian Shepherdson, chief US economist at Pantheon Macroeconomics said.

In currencies, the dollar fell 0.80% against the pound, dropped 0.45% against the euro and rose 0.54% versus the yen.