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(Open): Stocks on Wall Street took off to a positive start on Tuesday, boosted by solid housing market data for May and solid earnings reports.
The most dramatic action was seen among the world's potash producers after the Russian potash giant, Uralkali, said it was cutting ties with its Belorussian partner, effectively ending a cartel.
Shares in leading potash companies fell by around 20% across the board.
The Dow Jones index rose 0.26% to 15,562.21 points.
Among potash producers, Mosaic dived by 22% and giant Potash Corp of Saskatchewan dropped 21.%.
Russia's Uralkali warned that the break-up of its partnership with Belorussia's Beloruskali would lead to increased competition in the market and a fall in the price, with it estimating a drop of 25% from the current $400 a tonne to $300 in the coming months.
Pharmaceutical giant Pfizer rose 1.6% after its earnings exceeded forecasts.
Sector bedmate Merck notched up 0.5% after its earnings also outstripped hopes.
The S&P/Case Shiller index showed May house prices were 2.4^ higher than April and 12.2% above the level of last May.
The tech heavy Nasdaq rose 0.45% to 3,615.35 points and the S&P 500 rose 0.28% at 1,690.13 points.
Source: BBC News - Business http://www.bbc.co.uk/news/business-11900474#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
