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


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.

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