U.S. stocks climbed in volatile trading on Tuesday as energy shares turned higher and Apple and other technology shares added to gains.
Crude oil prices ended lower after another roller coaster session but the S&P 500 energy index reversed course heading into the close. The index was last up 0.2 percent, while shares of Exxon Mobil were up 1.6 percent at $74.88 and Chevron was up 1 percent at $81.61.
The S&P 500 was holding above the key 1,900 level, as it did on Monday, in a bullish technical sign.
"We managed to successfully close above it (on Monday) and that's bringing in some buying ... from a very oversold condition," said Peter Cardillo, chief market economist at First Standard Financial in New York.
Apple was up 1.2 percent at $99.75, while Intel rose 1.9 percent to $32.68 after upbeat ratings from BofA Merrill and JP Morgan, respectively.
At 3:23 p.m., the Dow Jones industrial average was up 96.56 points, or 0.59 percent, to 16,495.13, the S&P 500 had gained 11.45 points, or 0.6 percent, to 1,935.12 and the Nasdaq Composite had added 35.51 points, or 0.77 percent, to 4,673.50.
Declining issues outnumbered advancing ones on the NYSE by 1,753 to 1,283, for a 1.37-to-1 ratio on the downside; on the Nasdaq, 1,572 issues fell and 1,253 advanced for a 1.25-to-1 ratio favoring decliners.
The S&P 500 posted no new 52-week highs and 62 new lows; the Nasdaq recorded 12 new highs and 310 new lows.
(Additional reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D'Souza)
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Published Date: Jan 13, 2016 02:45 am | Updated Date: Jan 13, 2016 02:45 am