U.S. stocks picked up momentum in the final hour of trading as crude prices retreated and investors eye the ongoing conflict between Russia and Ukraine.
|I:DJI||DOW JONES AVERAGES||33129.55||+127.17||+0.39%|
|I:COMP||NASDAQ COMPOSITE INDEX||13236.009596||+176.54||+1.35%|
The Dow Jones Industrial Average gained 600 points or 1.8% while the S&P 500 rose 2% and the Nasdaq Composite 3%.
Crude's slide continued Tuesday with U.S. oil hitting $96.44 per barrel, now off 27% from the peak $130 hit last week. Brent, the global benchmark fell to $99.91 as fears rise around China's new COVID-19 outbreak. Gold also retreated to $1,928.50.
|USO||UNITED STATES OIL FUND L.P.||75.60||-4.32||-5.41%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||29.99||-1.73||-5.45%|
|GLD||SPDR GOLD SHARES TRUST - EUR ACC||169.14||-0.02||-0.01%|
Gas prices remained at the $4.31 level, per AAA.
The Federal Reserve kicked off its two-day meeting and policymakers are widely expected to raise interest rates Wednesday at least 0.25%, putting big banks in a position to charge more for loans.
|JPM||JPMORGAN CHASE & CO.||143.19||+0.40||+0.28%|
|WFC||WELLS FARGO & CO.||38.97||+0.30||+0.78%|
In stocks, vaccine makers are in focus as investors monitor China and the latest COVID surge.
Oil's pullback gave airlines a boost. Separately, Southwest, in a filing with the Securities and Exchange Commission, disclosed it hedges fuel and is managing the recent spike.
|DAL||DELTA AIR LINES INC.||36.06||+0.82||+2.33%|
|UAL||UNITED AIRLINES HOLDINGS INC.||41.41||+0.88||+2.17%|
|AAL||AMERICAN AIRLINES GROUP INC.||12.73||+0.44||+3.58%|
|LUV||SOUTHWEST AIRLINES CO.||27.20||+0.39||+1.45%|
In deal news, Big Lots surged after Mill Road Capital increased its take in the company and is pushing for a sale.
|BIG||BIG LOTS INC.||4.15||-0.21||-4.82%|
In cryptocurrencies, Bitcoin hovered at the $39,000 mark despite the jump in equities.
The Associated Press contributed to this report.