NEW YORK: U.S. stocks rallied into the end for the second-straight session on Tuesday, sending Dow industrials rocketing more than 300 points, as stocks kept pace with increasing crude-oil value.
A 7% jump in crude oil futures delivered a fillip to energy shares, while upbeat monthly U.S. car sales, merger activity ad positive developments in Greece’s debt negotiations also boosted confidence.
The S&P 500 SPX, +1.44% closed 29.15 points, or 1.4%, higher at 2,050, with broad-based gains across all sectors. But energy stocks were the stars in Tuesdays trading, boosted by a big jump in oil prices. The mood on Wall Street was optimistic with cyclical stocks outperforming defensive sectors. Small-cap stocks rallied, with Russell 2,000 RUT, +1.83% gaining 1.8% to 1,196.97.
The Dow Jones Industrial Average DJIA, +1.76% gained 305.36 points, or 1.8%, to 17,666.40, with all of its 30 members ending in the green. The move represented the biggest gain in more than three weeks for the blue-chip index, and marked the sixth consecutive session of triple-digit moves.
The Nasdaq Composite COMP, +1.09% ended the day up 51.05 points, or 1.1%, at 4,727.74.
