Stocks Soar on Oil Spike

U.S. stocks posted big gains on Tuesday, sending Dow industrials rocketing more than 300 points, as energy producers rallied after crude oil moved into a bull market. The Dow Jones Industrial Average gained 305.36 points, or 1.76%, to 17,666.40. The S&P 500 rose 29.18 points, or 1.44%, to 2,050.03. The Nasdaq Composite added 51.05 points, or 1.09%, to 4,727.74.

Crude-oil futures rallied well above $50 a barrel to settle at their highest levels of 2015 Tuesday. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March settled up $3.48, or 7%, at $53.05.

Walt Disney Co. said Tuesday that first-quarter net income was $2.18 billion, or $1.27 a share, compared with $1.84 billion, or $1.03 a share, for the same period a year ago. Revenue for the Burbank, Calif.-based entertainment giant was $13.4 billion against last year’s $12.3 billion.

Chipotle’s fourth quarter results are out, and the numbers are mostly in-line with expectations, though same-store sales came in just below expectations. Earnings per share totaled $3.84. Same-store sales rose 16.1%. Revenue totaled $1.07 billion.

J M Smucker Co, the maker of Folgers coffee, said it would buy privately held pet food maker Big Heart Pet Brands in a cash-and-stock deal valued at about $5.8 billion.