U.S. stocks open higher amid economic data

U.S. stocks opened higher Tuesday as Wall Street meditated on a batch of economic data.

The U.S. goods and services deficit rose 6.4 billion U.S. dollars from September's revised reading to 42.6 billion U.S. dollars in October, generally in line with market consensus, the Commerce Department announced Tuesday.

Meanwhile, U.S. nonfarm business sector labor productivity increased at a 3.1-percent annual rate during the third quarter of 2016, missing market estimates of 3.3 percent, the Labor Department reported Tuesday.

Investors also kept a close eye on the U.S. central bank, which is scheduled to hold its policy meeting next week.

The Federal Reserve is largely expected to raise interest rates by 25 basis points, as investors look for clues about the central bank's pace of normalization.

New York Federal Reserve President William Dudley said Monday that he backs measured rate hikes if the U.S. economy stays on its current trajectory.

According to the CME Group's FedWatch tool, market expectations for a December rate hike were 94.9 percent.

Shortly after the opening bell, the Dow Jones Industrial Average edged up 4.77 points, or 0.02 percent, to 19,221.01. The S&P 500 added 2.13 points, or 0.10 percent, to 2,206.84. The Nasdaq Composite Index gained 10.67 points, or 0.20 percent, to 5,319.56.

On Tuesday, U.S. stocks rallied, with the Dow refreshing a new closing record, as investors digested Fed comments and a key referendum in Italy. Endi