Stronger oil prices boosted stocks at Tuesday’s opening bell. Crude prices are extending their rally into a third day on speculation of supply will decline. Major oil companies like BP (BP) and Chevron (CVX) announced cuts in capital expenditure. At the same time, oil’s gains are coming as strikes at U.S. refineries continue. Owners have said their facilities will keep running and supply won’t become an issue . UPS (UPS) reported earnings that were below its own expectations. The company’s CEO said actions will be taken to ‘improve profitability and increase operational efficiencies.’ Shares of both Staples (SPLS) and Office Depot (ODP) spiked in early trading. The Wall Street Journal reported the office supplies retailers are in advance deal talks to merge.
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