Stocks Rose after Losses

U.S. stocks rose on Tuesday morning, steadying after fears over the deadly coronavirus. The Dow Jones Industrial Average lately gained 225.03 points, or 0.79%, to 28,760.83. The S&P 500 was up 34.06 points, or 1.05%, to 3,277.69. The Nasdaq Composite rose 118.67 points, or 1.30, to 9,257.98.

Oil futures moved up on Tuesday, finding support as OPEC is reportedly considering an extension to its cuts in crude production. West Texas Intermediate crude for March delivery rose 67 cents, or 1.3%, to $53.81 a barrel, while March Brent crude was up 51 cents, or 0.9%, at $59.83 a barrel.

Consumer confidence jumped to the highest level since August this month. The Conference Board’s consumer confidence index increased to 131.6 in January after coming in at an upwardly revised 128.2 in December. This was ahead of expectations for a print of 128.0, according to Bloomberg consensus data.