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US stocks edge higher after 4-day record streak

A trader works on the floor of the New York Stock Exchange on November 18, 2013
A trader works on the floor of the New York Stock Exchange on November 18, 2013

US stocks rose in early trade Tuesday one day after the Dow topped the 16,000 mark for the first time and set a new high for the fourth straight session.

Market watchers were awaiting the Justice Department's possible announcement of a $13 billion settlement with JPMorgan Chase over its alleged deceptive marketing of mortgage securities and mishandling of consumer mortgages.

Forty-five minutes into trade, the Dow Jones Industrial Average was up 33.07 points (0.21 percent) at 16,009.09.

The broad-based S&P 500 added 1.75 (0.10 percent) at 1,793.28, while the tech-rich Nasdaq Composite gained 8.45 (0.21 percent) at 3,957.52.

JPMorgan shares rose 0.9 percent amid widespread reports that the settlement, which would be the largest fine ever levied against a single company, would possibly be announced Tuesday.

Best Buy plummeted 8.8 percent after the electronics retailer warned that margins could be pinched in the battle for consumer dollars in the coming holiday shopping season.

Builder and home supply chain Home Depot gained 1.7 percent as the company raised its 2013 sales outlook driven by the continued recovery of the US housing sector.

United Continental Holdings surged 5.7 percent on fresh pledges to investors to cut costs and raise revenues in a program to double United Airlines profits by 2017.

Wal-Mart shares fell 0.3 percent one day after the US National Labor Relations Board ruled the world's largest retailer had violated employees' rights by threatening and firing workers who participated in strikes and other protests.

The ruling could give pro-union activists at the company more space to organize and advocate for higher wages and benefits.

Electric car maker Tesla added 4.7 percent as the National Highway Traffic Administration announced it would investigate recent fires in Tesla cars at the company's request.

Bond prices were mixed. The yield on the 10-year US Treasury rose to 2.69 percent from 2.68 percent Monday, while the 30-year held at 3.77 percent. Bond prices and yields move inversely.

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