Stocks rose 1 percent on Tuesday as the latest batch of corporate earnings and data on manufacturing in New York state improved the profit and economic outlook.
Commodity-related shares rose as the euro rebounded after recent losses against the dollar. Oil futures jumped $2.98 to $77.11 a barrel, boosting shares of energy companies, including Chevron Corp
Shares of Merck & Co
Also helping sentiment, a gauge of manufacturing in New York state rose in February as inventories jumped, the New York Federal Reserve said in a report. The data easily beat a forecast.
The market is looking for evidence of economic growth now that earnings are just about over, said Giri Cherukuri, head trader at OakBrook Investments LLC, in Lisle, Illinois.
The Dow Jones industrial average <.DJI> was up 119.26 points, or 1.18 percent, at 10,218.40. The Standard & Poor's 500 Index <.SPX> was up 13.91 points, or 1.29 percent, at 1,089.42. The Nasdaq Composite Index <.IXIC> was up 21.67 points, or 0.99 percent, at 2,205.20.
The day's gains come after a three-day weekend, with the market closed on Monday for the U.S. Presidents Day holiday.
On the deal front, Simon Property Group Inc
Dollar-denominated gold also rallied with the gains in the euro, which lost ground in recent weeks amid worries over debt problems in Greece.
Financial stocks got an early boost from Britain's Barclays Plc
Bank of America
On the Nasdaq, shares of chipmaker Intel
A nuclear energy exchange-traded fund
(Editing by Kenneth Barry)