NEW YORK — Retail and industrial stocks made the biggest gains as they were lifted by company earnings, some good news from China’s economy and hope that Japan’s struggling economy will get another boost.
Indexes were higher all day and almost matched the big gains they made Friday. Strong quarterly results gave some company stocks a boost, and investors worried a bit less about China and Japan.
For a change, stocks traded higher even though the price of oil slumped. Investors were skeptical that OPEC nations will sign off on a deal to freeze production, so U.S. crude sank after a big rally Friday.
The Dow Jones industrial average added 222.57 points, or 1.39 percent, to 16,196.41. The Standard & Poor’s 500 index rose 30.80 points, or 1.7 percent, to 1,895.58. The Nasdaq composite climbed 98.44 points, or 2.3 percent, to 4,435.96.
The S&P 500 had climbed 2 percent Friday. It had been two months since the S&P 500 rose at least 1 percent for two consecutive days. The U.S. market was closed Monday for the Presidents Day holiday.
Hormel, the maker of Spam and Dinty Moore stew among other foods, had its best day in almost seven years after the company posted a stronger-than-expected quarterly profit and raised its forecast for the year. Its stock climbed $2.94, or 7.1 percent, to $44.44. It’s up 60 percent over the past year.
Restaurant Brands, the parent company of Burger King and Tim Hortons, jumped $1.81, or 5.7 percent, to $33.82 after the company said an important sales measurement rose at both of its chains in the fourth quarter.
Tuesday started with gains for Asian stocks. China’s central bank guided the yuan higher, pushing the currency close to its highest level of the year. That’s a positive sign for the Chinese economy. Along with many other factors, weakness in the yuan this year has caused investors to worry about the health of the Chinese economy. China’s official news agency also said new yuan loans climbed in January.
U.S. crude lost 40 cents, or 1.4 percent, to $29.04 a barrel in New York. It jumped 12 percent Friday, its biggest gain in years.
Brent crude, a benchmark for international oils, gave up $1.21, or 3.6 percent.
