U.S. stocks rise on upbeat earnings

U.S. stocks traded higher in the morning session Tuesday as Wall Street digested a batch of generally positive earnings reports.

By midday, the Dow Jones Industrial Average rose 27.71 points, or 0.15 percent, to 18,557.13. The S&P 500 added 6.71 points, or 0.31 percent, to 2,189.35. The Nasdaq Composite Index increased 20.29 points, or 0.39 percent, to 5,264.89.

Before the opening bell, Best Buy reported GAAP diluted earnings per share from continuing operations of 0.56 U.S. dollar for the second quarter ended July 30, 2016, an increase of 22 percent from a year ago.

Shares of the consumer-electronics retailer spiked over 18 percent around midday Tuesday.

Shares of Toll Brothers Inc. surged nearly 8 percent around midday Tuesday after the U.S. home builder reported better-than-expected quarterly results.

On the economic front, U.S. new home sales also came out positive. Sales of new single-family houses in July 2016 were at a seasonally adjusted annual rate of 654,000, well above market estimates and logging the highest level since October 2007, according to the Commerce Department Tuesday.

Meanwhile, investors kept a close eye on Federal Reserve Chair Janet Yellen, who is scheduled to deliver a speech Friday on the U.S. economy and monetary policy at the Economic Policy Symposium at Jackson Hole, Wyoming.

On Monday, U.S. stocks closed mixed after wavering in a narrow range as oil prices tumbled after recent solid gains. Enditem