US stocks edged higher on Tuesday as a favourable court ruling for the pharmaceutical sector lifted shares of drugmakers, including Bristol-Myers Squibb Co, while a pullback in benchmark bond yields tempered interest rate worries.
A disappointing profit from Best Buy Co Inc, however, limited a broader advance as its quarterly results raised doubts about the US economy's health and the outlook for consumer spending.
"Yesterday we didn't have much of a range. I think we're going to be in a similar type of session today," said Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland.
The Dow Jones industrial average was up 22.03 points, or 0.16 percent, at 13,635.01. The Standard & Poor's 500 Index was up 1.80 points, or 0.12 percent, at 1,532.85. The Nasdaq Composite Index was down 0.09 points, or 0.00 percent, at 2,626.51. Shares of Bristol-Myers rose 4.9 percent to $31.78 on the New York Stock Exchange. They were the second-biggest advancer on the S&P 500, behind General Electric Co, whose stock rose 2.9 percent to $39.17.
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