Stocks Jumped as Oil Rebounded

U.S. stocks ended sharply higher on Tuesday, with the S&P 500 and Dow industrial Average closing with their best one-day percentage gains in two months as oil prices rallied. The Dow Jones Industrial Average surged 222.44 points, or 1.26%, to 17,928.35. The S&P 500 added 25.70 points, or 1.25%, to 2,084.39. The Nasdaq Composite climbed 59.67 points, or 1.26%, to 4,809.88.

Oil futures bounced back on Tuesday, as supply outages from Canada to Nigeria helped to alleviate concerns over the global glut of crude. June West Texas Intermediate crude tacked on $1.22, or 2.8%, to settle at $44.66 a barrel. July Brent crude rose $1.89, or 4.3%, to $45.52 a barrel.

Walt Disney Co.’s sports network ESPN said on Tuesday it has reached a settlement with cable provider Verizon Communications Inc. over distribution methods for the network.

Walt Disney Co. said its earnings rose 1.7% in the latest quarter. For the period ended April 2, Disney reported a profit of $2.14 billion, or $1.30 a share, up from $2.11 billion, or $1.23 a share, a year earlier. Revenue increased 4.1% to $12.97 billion.

Uber Technologies Inc. agreed to start a guild for 35,000 drivers in New York that will help them negotiate with the ride-hailing company, though the group will have less power to resolve disputes than a full-fledged union.