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Investing.com -- U.S. stocks rose broadly on Tuesday halting its longest losing streak since January, amid a wave of strong earnings and a rally in Chinese equities which stabilized global markets.
Spurred by a surge in energy stocks, the Dow Jones Industrial Average and NASDAQ Composite Index rose considerably on the session to end a five-day losing streak. The sharp gains in the energy sector also bolstered the S&P 500 Composite Index, which jumped more than 1.2% on the session to finish as the day's overperformer. The Dow gained 189.68 or 1.09% to 17,630.27, erasing all of its losses for the month, while the NASDAQ added 49.43 or 0.98% to close at 5,089.21.
The S&P 500, meanwhile, rose 25.61 or 1.24% to 2,093.25, as all 10 sectors on the index closed in the green. Stocks in the energy sector led, skyrocketing 3% on the session. Basic Materials, Health Care and Industrials stocks also enjoyed strong sessions, closing higher by more than 1.5% on the day.
The Dow was led by Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX), which both gained more than 3.5% after rallying from near 12-month lows. On Monday, Bank of America (NYSE:BAC) downgraded its third quarter for West Texas Intermediate (WTI) crude to $45 a barrel and its expectation for North Sea brent crude to $50. Earlier in Tuesday's session, WTI crude futures touched down to a four-month low before rebounding to end the day up more than 1.2%. Exxon gained 3.22 or 4.06% to 82.46, while Chevron added 3.26 or 3.66% to close at 92.40.
The worst performer was EI du Pont de Nemours and Company (NYSE:DD), which fell 0.84 or 1.48% to 55.89. Over the last 52 weeks Dupont shares are down more than 5%, amid the fallout from a failed takeover bid from activist investor Nelson Peltz's Trian Fund.
The biggest gainer on the NASDAQ was Micron Technology Inc (NASDAQ:MU), which jumped 1.63 or 9% to close at 19.75. Earlier, Micron and Intel Corporation (NASDAQ:INTC) announced they have developed a new line of memory chips that is up to a thousand times faster than the current NAND flash memory chips used in most mobile devices. Baidu Inc (NASDAQ:BIDU) finished the session as the worst performer, one day after the Chinese web portal posted worse than expected revenues and earnings for the second quarter. Shares in Baidu plunged 15% to 168.03.
The top performer on the S&P 500 was home improvement manufacturer Masco Corporation (NYSE:MAS), which rose 2.48 or 10.69% to 25.64, after topping quarterly profit forecasts on Tuesday. The worst performer was Irish industrial company Ingersoll-Rand PLC (NYSE:IR), which fell 4.35 or 6.69% to 60.65 after the company blamed declining sales in Asia and Latin America for disappointing earnings last quarter.
A host of prominent companies such as Twitter (NYSE:TWTR), Gilead Sciences (NASDAQ:GILD), Yelp and Panera are scheduled to release corporate earnings for the second quarter after the bell.
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