U.S. stocks open higher ahead of data; Dow Jones up 0.49%

U.S. stocks opened higher on Tuesday, as markets awaited the release of U.S. factory orders data later in the day, while investors ingnored earlier disappointing economic reports out of the euro zone. 

During early U.S. trade, the Dow Jones Industrial Average gained 0.49%, the S&P 500 index climbed 0.55%, while the Nasdaq Composite index advanced 0.82%. 

In the euro zone, official data showed that the unemployment rate rose to an all-time high of 12% in February compared with an original estimate of 11.9% for January, which was revised up to 12%.

A separate report showed that the euro zone’s manufacturing purchasing managers’ index ticked up to 46.8 in March, from a final reading of 46.6 the previous month, still substantially below the 50 mark that separates growth from contraction. 

Insurance companies, such as Humana and United Health led gains, surging 8.97% and 7.56%, after the Centers for Medicare and Medicaid Services released a final estimated payment growth rate of 3.3% for insurers. 

In February, the government proposed a payment reduction of more than 2%. 

Financial stocks added to gains, as shares in JP Morgan added 0.31% and Bank of America advanced 0.49%, while Citigroup climbed 0.71%. 

Goldman Sachs underperformed on the other hand, slipping 0.20% following reports the U.S. lender registered a fund that invests in risky credit products as a publicly traded business development company, in order to avoid some regulations that would otherwise limit its activity. 

Elsewhere, Apple rallied 0.89%, afterGoldman Sachs removed the iPhone maker from its "conviction buy" list, but still rated the stock a "buy." 

Separately, Apple CEO Tim Cook apologized for the company’s iPhone warranty and repair policies in China. The tech giant had received criticism from state-run media over customer service in its second-largest market. 

In the same sector, Hewlett-Packard plunged 5.71% after Goldman Sachs cut its rating on the tech company to "sell" from "neutral," saying sentiment about the company has moved ahead of reality. 

Oil and gas major Chevron was also on the downside, retreating 0.43%, after the company completed repairs to a central crude distillation unit at its San Francisco Bay-area refinery in Richmond, California, almost eight months after a massive fire struck the core of the plant. 

Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.20%, France’s CAC 40 rallied 1.11%, Germany's DAX gained 1.15%, while Britain's FTSE 100 advanced 1.27%. 

During the Asian trading session, Hong Kong's Hang Seng Index rose 0.31%, while Japan’s Nikkei 225 Index tumbled 1.08%. 

Later in the day, the U.S. was to release a government report on factory orders.

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