The S&P 500 index briefly rose more than 1 percent on Tuesday, boosted by a turnaround in shares of Goldman Sachs and strength in the homebuilding and raw materials sectors.

The Dow Jones industrial average <.DJI> gained 47.46 points, or 0.47 percent, to 10,201.89. The Standard & Poor's 500 Index <.SPX> rose 8.70 points, or 0.81 percent, to 1,079.95. The Nasdaq Composite Index <.IXIC> added 12.71 points, or 0.58 percent, to 2,210.94.

The S&P 500 earlier hit a session low near the key support level of 1,060. Low volume contributed to the market's swings.

(Editing by Kenneth Barry)