The S. & P. 500 Index
Position of the S. & P. 500 index at 1-minute intervals on Tuesday.
Zuckerberg’s testimony aimed to strike a conciliatory tone in an attempt to blunt possible regulatory fallout from the privacy scandal engulfing his social network.
The energy index had the highest percentage gain among the S&P’s 11 major sectors, adding 3.3 percent as oil broke above $70 a barrel.
The Dow Jones Industrial Average rose 428.9 points, or 1.79 percent, to 24,408, the S&P 500 gained 43.71 points, or 1.67 percent, to 2,656.87 and the Nasdaq Composite added 143.96 points, or 2.07 percent, to 7,094.30.
Only utilities and real estate, which are sensitive to interest rates, posted losses after U.S. producer prices rose more than expected in March, indicating that inflation is strengthening, which could push interest rates up further.
However, the increase in producer prices did not prompt broader concerns
“It’s not enough to offset better expectations about the overall economy,” said Kate Warne, investment strategist at Edward Jones in St. Louis.
U.S. stocks will face a major test in coming weeks as first-quarter earnings pour in. JPMorgan Chase, Citigroup and Wells Fargo will kick off the earnings season on Friday.
3-Month Treasury Bills
High rate at weekly auction.
Analysts expect quarterly profits for S&P 500 companies to rise 18.5 percent from a year ago, which would be the biggest gain in seven years, according to Thomson Reuters I/B/E/S.
Sprint Corp shares jumped 17.1 percent after reports that the company had restarted merger talks with T-Mobile US Inc. T-Mobile shares rose 5.7 percent.
Advancing issues outnumbered declining ones on the NYSE by a 3.16-to-1 ratio; on Nasdaq, a 3.93-to-1 ratio favored advancers.
The S&P 500 posted six new 52-week highs and one new low; the Nasdaq Composite recorded 53 new highs and 32 new lows.
Volume so far on U.S. exchanges was 7.14 billion shares, compared with the 7.33 billion-share average for the full session over the last 20 trading days.
(Additional reporting by Sweta Singh and Diptendu Lahiri in Bengaluru; Editing by Chizu Nomiyama and Jonathan Oatis)