US stocks open higher on "fiscal cliff" hopes

NEW YORK - US stocks opened higher on Tuesday on "fiscal cliff" hopes.

The White House continued to make concessions and more investors believed that a deal would be achieved by yearend.

On the European front, Spanish banks' bad loans increased to another record high in October and Germany were considering cutting its 2013 economic growth forecast.

Some analysts believed that the Chinese market was turning bullish, adding to the confidence of economic development in emerging markets.

Shortly after the opening bell, the Dow Jones industrial average rose 14.51 points, or 0.11 percent, to 13,249.90. The Standard & Poor's 500 was up 1.56 points, or 0.10 percent, to 1,431.86. The Nasdaq Composite Index increased 6.86 points, or 0.23 percent, to 3,017.97.