The U.S. stock market is edging higher in early trading as the price of oil extends its slump.

European indexes stabilized Monday following steep losses the day before.

The Dow Jones industrial average was up 49 points, or 0.3 percent, to 17,551 as of 9:35 a.m. Eastern time Tuesday.

The Standard & Poor's 500 index rose six points, or 0.3 percent, to 2,022. The Nasdaq composite rose 13 points, or 0.3 percent, to 4,663.

Crude oil fell $1.10 to $48.93 a barrel in New York.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.98 percent.