Stocks had their biggest gain in two months as investors were encouraged by more efforts by China to stem a slowdown in the world’s second-largest economy.
Energy companies rose more than the rest of the market Tuesday as prices for crude oil and natural gas bounced higher. Southwestern Energy jumped 7 percent and Hess rose 6 percent.
ON WALL STREET: At the close of trading, the Dow Jones industrial average was up 222.4 points, about 1.3 percent, at 17,928.4. The Standard & Poor’s 500 index gained 25.7 points, about 1.3 percent, to 2,084.4, and the Nasdaq added 59.7 points, about 1.3 percent, to 4,809.9.
OIL PRICES: As markets closed, the price of U.S. benchmark crude oil was up $1.23 at $44.67 a barrel on the New York Mercantile Exchange. In London, Brent crude, the standard uses to price oil internationally, was up $1.74 at $45.37 a barrel.
CHINA FACTOR: China’s Cabinet approved measures to boost exports as Beijing struggles to reduce gluts in many industries and reverse an export decline that threatens to cause politically dangerous job losses. The measures announced late Monday include more bank lending, an increase in tax rebates and support for export credits.