US stocks edge higher; eBay jumps 6.7%

US stocks Tuesday opened slightly higher as eBay's move to spin off its PayPal unit lifted shares of the electronic commerce giant.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,078.67, up 7.45 points (0.04 percent).

The broad-based S&P 500 added 0.63 (0.03 percent) at 1,978.43, while the tech-rich Nasdaq Composite Index gained 4.66 (0.10 percent) to 4,510.51.

Nasdaq-listed eBay jumped 6.7 percent after announcing it would spin off payment unit PayPal in a move designed to help it compete better in the fast-moving online payments segment.

The decision is a shift after eBay rejected earlier calls by activist investor Carl Icahn to spin off PayPal.