U.S. stocks rose significantly Tuesday, helped by gains in consumer and financial shares, as well as positive developments in China, while an early-session oil rally turned negative. U.S. markets were closed Monday for Presidents' Day holiday. Mainland Chinese markets reopened Monday after a week-long Lunar New Year holiday and closed higher Tuesday. There were no major U.S. economic reports Tuesday. The dollar rose versus the euro and the yen. Gold futures fell $38.10, or more than 3 percent, to $1,201.20 an ounce on the New York Mercantile Exchange. The Dow Jones industrial average rose 222.57, or 1.4 percent, to 16,196.41. Twenty-eight of the index's 30 components gained, led by industrial giants Boeing, which jumped 3.7 percent, and Caterpillar, which advanced 3.2 percent. The broader Standard & Poor's 500 index rose 30.80, or 1.65 percent, to 1,895.58. Consumer products rose more than 2 percent, leading nine sectors higher, while energy was the only declining sector. The technology-heavy Nasdaq composite index rose 98.45, or 2.3 percent, to 4,435.96, helped by a rally in Apple—which surged 2.7 percent—biotechnology, and semiconductor shares. Chinese giant Alibaba purchased a 5.6 percent stake of Groupon, becoming the fourth-biggest shareholder of the daily deals and e-commerce website. Groupon shares jumped 41 percent.
