On Tuesday, stocks bounced from the previous session's losses, as oil prices continued to fall and a wholesale inflation reading came in lighter than expected.
The Dow Jones Industrial Average jumped 599.10 points, or 1.8%. The S&P 500 climbed 2.1%, though it's still more than 11% from its record. The tech-focused Nasdaq Composite jumped 2.9%.
Tech stocks led the gains on Tuesday, following recent losses. Microsoft and Netflix each gained 3.8%, while Oracle rose by 4.5%. Chip stocks were higher, too. Nvidia added 7.7% and AMD moved higher by 6.9%.
Travel stocks were among the top gainers of the day, helped by the drop in oil prices. Air carriers were standouts, after several major companies raised revenue guidance. United and American Airlines jumped more than 9%, while Delta climbed 8.7%.
Oil prices continued to fall below $100 per barrel, which weighed on energy stocks but otherwise helped the broader market rally. Producer price index data, an inflation indicator, came in slightly lower than expected for February, though it still showed a 10% increase from the previous year.
Both Ukrainian and Russian officials continued talks on Tuesday as investors awaited any developments. Meanwhile, traders are closely focused on the outcome of the Federal Reserve's meeting, which will end Wednesday. Despite unforeseen challenges from the war in Ukraine, the central bank is still expected to begin raising rates in an effort to combat high inflation.
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