U.S. stocks open higher amid earning reports

U.S. stocks opened higher Tuesday as investors digested comments from U.S. Federal Reserve officials for clues on the timing of the next rate hike.

Before Tuesday's opening bell, Toll Brothers Inc. reported net income of 89.1 million U.S. dollars for the second-quarter of 2016 fiscal year, or 0.51 dollar per diluted share, compared to net income of 67.9 million dollars, or 0.37 dollar per diluted share a year ago.

Shares of the U.S. luxury home builder surged over 4 percent in the early trading Tuesday following the release of the better-than-expected quarterly results.

Shares of Best Buy tumbled about 4 percent in the early trading Tuesday after the electronics retailer lowered its second-quarter earnings guidance.

Investors are still awaiting more clues from members of the U.S. Federal Reserve on whether the central bank will hike rates again next month. Analysts believed that the possibility of a June rate hike becomes higher after the release of the Federal Reserve's hawkish minutes from its April meeting.

On the economic front, U.S. new home sales for April are due out later Tuesday morning.

Shortly after the opening bell, the Dow Jones Industrial Average rose 110.81 points, or 0.63 percent, to 17,603.74. The S&P 500 added 11.50 points, or 0.56 percent, to 2,059.54. The Nasdaq Composite Index gained 28.15 points, or 0.59 percent, to 4,793.93.

On Monday, U.S. stocks ended mildly lower after wavering in a tight range, as Wall Street digested comments from several U.S. Fed officials for hints on the timing of the next rate hike. Endi