U.S. stocks jumped on Tuesday, erasing sharp losses as the price of oil reversed higher and as investors considered generally healthy indicators on the U.S. economy against global concerns.
The Dow Jones Industrials got 153.79 points worth of lift to break for lunch at 17,334.63, with Boeing leading blue-chip gains after the plane manufacturer said it would hike its quarterly dividend 25%.
The S&P 500 recovered 16.71 points to 2,006.34, with energy the best performing and consumer discretionary hardest hit among its 10 major sectors.
The NASDAQ index gained 19.60 points to 4,624.76.
New-home construction in the U.S. topped a million on an annualized rate in November, while housing starts fell 1.6% and building permits declined 5.2%last month.
An industry report on Tuesday had the U.S. manufacturing sector continuing to expand in December but its growth rate at an 11-year low.
Wall Street is also looking to hear from the Federal Reserve on Wednesday, with the central bank gathering to consider the timing and size of interest-rate hikes and whether to reiterate its vow to maintain rates low for a considerable period.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.08% from Monday's 2.12%. Treasury prices and yields move in opposite directions.
Oil prices regained 83 cents per barrel to $56.74 U.S.
Gold prices deducted $11.40 an ounce at $1,196.30 U.S.