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New York / AFP
Beaten-down technology and banking shares jumped Tuesday as US stocks shrugged off a drop in oil prices to move firmly higher.
The Dow Jones Industrial rose 222.57 points (1.39 percent) to 16,196.41.
The broad-based S&P 500 climbed 30.80 (1.65 percent) to 1,895.58, while the tech-rich Nasdaq Composite Index jumped 98.44 (2.27 percent) to 4,435.96.
Apple and Amazon both gained 2.8 percent, while petroleum-linked shares were mixed following a drop in oil prices. Sentiment was boosted by a 3.3 percent rise in the Chinese stock market and by big gains Monday in Europe, when US markets were closed, said Chris Low, chief economist at FTN Financial.
Banking shares rallied, with Goldman Sachs rising 2.0 percent, Citigroup 3.6 percent and Bank of America 2.5 percent.
US-listed Chinese stocks advanced. Alibaba climbed 8.9 percent, Baidu 3.1 percent and JD.com 8.0 percent.
Online coupon company Groupon surged 41.2 percent following news that Alibaba bought 33 million Groupon shares.
Home-security company ADT surged 47.5 percent on news it agreed to be acquired by private-equity firm Apollo for $6.9 billion.
Hormel Foods jumped 7.1 percent as it lifted its 2016 earnings forecast from $1.43-$1.48 per share to $1.50-$1.56 per share following a 36.9 percent rise in first-quarter earnings to $235.1 million.