Dow finishes up over 500 points as stocks rally, oil prices tumble

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Stocks finished sharply higher Tuesday as energy prices pulled back and investors combed through another batch of corporate earnings. The Dow Jones Industrial Average DJIA, +1.45% gained about 502 points, or 1.5%, to end near 34,912, marking its biggest daily percentage climb since March 16, according to FactSet. The S&P 500 index SPX, +1.61% rose 1.6% and the Nasdaq Composite Index COMP, +2.15% advanced 2.2%. The rally on Wall Street came despite warnings from the International Monetary Fund that Russia’s war in Ukraine will lead to a significant pullback in global economic growth in 2022. A top IMF official on Tuesday also told MarketWatch that financial markets have yet to anticipate how high the Federal Reserve will need to raise interest rates to get a grip on inflation at a 40-year high. U.S. crude prices CL00, +0.28% fell more than 5% to settle near $102 a barrel.

This article was originally published by Marketwatch.com. Read the original article here.

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