Stocks Ended Sharply Higher, Oil Futures Settled Higher

U.S. stocks ended sharply higher on Tuesday after a surge in retail sales in May suggested consumers were gaining steam again and a report that the Trump administration was poised to unveil a $1 trillion infrastructure spending package to add more fiscal stimulus. The Dow Jones Industrial Average advanced 526.82 points, or 2.04%, to 26,289.98. The S&P 500 climbed 58.15 points, or 1.90%, to 3,124.74. The Nasdaq Composite rose 169.84 points, or 1.75%, to 9,895.87.

Oil futures finished with a more than 3% gain on Tuesday as a monthly report from the International Energy Agency forecast a record rise in demand for crude and its byproducts next year, but only after first dropping significantly in the current year. West Texas Intermediate crude for July delivery rose $1.26, or 3.4%, to settle at $38.38 a barrel. Brent oil for August delivery picked up $1.24, or 3.1%, at $40.96 a barrel.

AT&T Inc has informed Communications Workers of America of its plans to cut more than 3,400 technician and clerical jobs across the country over the next few weeks, the wireless carrier’s main labor union said on Tuesday.