Stocks Rallied on Strong Data

U.S. stocks rallied on Tuesday after encouraging U.S. factory and construction data suggested the world’s biggest economy was regaining momentum.The Dow Jones Industrial Average added 348.58 points, or 2.11%, to finish at 16,865.08. The S&P 500 climbed 46.12 points, or 2.39%, to close at 1,978.35. The Nasdaq closed up 131.65 points, or 2.89%, at 4,689.60.

American manufacturers shrank their businesses in February for the fifth straight month and remained a drag on the U.S. economy. The Institute for Supply Management said Tuesday that its manufacturing index rose to 49.5 last month from 48.2 in January.

Automakers posted big U.S. sales gains last month. Ford’s (F) sales rose 20 percent over last February, boosted in part by higher sales to rental car fleets. Honda’s (HMC) sales were up 13 percent, and Fiat Chrysler’s (FCAU) rose 12 percent. Nissan’s (NSANY) sales rose nearly 11 percent, and Toyota’s (TM) were up 4 percent. Hyundai’s sales rose 1 percent.

Oil futures settled higher on Tuesday, with West Texas Intermediate crude at its highest level in eight weeks. April WTI crude settled at $34.40 a barrel, up 65 cents, or 1.9%, on the New York Mercantile Exchange. May Brent crude on London’s ICE Futures exchange added 24 cents, or 0.7%, to $36.81 a barrel.

Zynga Inc.’s (ZNGA) founding CEO Mark Pincus will step down this week, but will continue to serve as executive chairman on the company’s board of directors. On March 7, Pincus will be replaced by Frank Gibeau, who joined the mobile game maker’s board in August 2015.