U.S. stocks rallied on Tuesday to close up more than 1 percent higher in a second consecutive day of gains, boosted by a surge in oil prices and alleviation of concerns in the euro zone.
“We’ve got a continuation of strength. Looks like the two major drivers of yesterday’s strength are still with us today,” said Art Hogan, chief market strategist at Wunderlich Securities. With Monday’s and today’s gains, the Dow, S&P and Nasdaq each regained about 70 percent or more of January losses.
The Dow Jones Industrial Average surged 305.3 points in the last 15 minutes of trade to close up 1.76 percent at 17,666.40. All blue chips advanced, led by Caterpillar’s nearly 4 percent gain. Exxon Mobil and Chevron followed, each rising nearly 3 percent or more.