Stocks Closed at Session Highs, Consumer, Industrial Surged

U.S. stocks rallied to close at intraday highs on Tuesday, as investors snatched up beaten-down consumer discretionary, industrial and tech shares. The Dow Jones Industrial Average rose 222.57 points, or 1.39%, to 16,196.41. The S&P 500 was up 30.80 points, or 1.65%, to 1,895.58. The Nasdaq Composite rallied 98.44 points, or 2.27%, to 4,435.96.

Apple Inc. was leading a slate of new bond sales on Tuesday after a nearly two-week lull, suggesting investors are still eager to lend to big blue-chip companies despite concerns that a global recession could be developing. The tech giant is looking to sell between $10 billion and $12 billion of new bonds to help pay for share buybacks and dividends, according to investors.

Governors from 17 states said Tuesday that they will work together to develop cleaner energy and transportation as they look to lead a national shift to renewable fuels. The pact — known as the Governors’ Accord for a New Energy Future — calls for embracing new energy solutions to expand the economy and protect the health of communities and natural resources.

Brent oil fell almost 4 percent on Tuesday as hopes over Saudi, Russia deal faded. Brent settled down $1.21 at $32.18 a barrel, after rising earlier to $35.55. U.S. crude settled down 40 cents at $29.04, off the day’s high of $31.53.