Stocks Ended Higher ahead of Georgia Runoff Election Results

U.S. stocks ended higher on Tuesday, as investors awaited results from the Georgia Senate runoff elections and eyed worsening COVID-19 trends in the U.S. and abroad. The Dow Jones Industrial Average rose 167.71 points, or 0.55%, to 30,391.60. The S&P 500 was up 26.21 points, or 0.71%, to 3,726.86. The Nasdaq Composite gained 120.51 points, or 0.95%, to 12,818.96.

Oil futures rallied by nearly 5% on Tuesday, with U.S. prices tapping highs above $50 for the first time since February 2020. West Texas Intermediate crude for February delivery rose $2.31, or nearly 4.9%, to settle at $49.93 a barrel. March Brent crude gained $2.51, or 4.9%, to $53.60.