U.S. stocks rose again on Tuesday as Wall Street appeared to find its footing after a rocky start to the New Year.
The Dow Jones Industrials advanced 183.15 points to 36,252.02.
The S&P 500 gathered 42.78 points to 4,713.07.
The NASDAQ hiked 210.62 points, or 1.4%, to 15,153.45.
Stocks have been volatile to start the year, as rising interest rates have put pressure on equities.
Large tech stocks helped support the broader market, with Amazon rising more than 2% and shares of Apple and Nvidia gaining roughly 1.5% each.
Other notable gainers included Illumina, which rose 14% after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus.
Elsewhere, shares of Exxon Mobil rose more than 3% as U.S. oil prices topped $80 per barrel. At-home fitness stock Peloton jumped more than 7%.
Tuesday’s market moves follow a sharp rally on Monday afternoon, which saw the tech-heavy NASDAQ erase a 2.7% loss to finish slightly higher and snap a four-day losing streak.
Fed Chair Jerome Powell testified before a Senate committee on Tuesday as part of his re-confirmation process. Powell said that he expected a normalized supply chain to help ease inflation pressures in 2022 but said the Fed would not be afraid to hike rates further than projected if inflation remains high.
Earnings season will be in full swing by the end of this week with the big banks set to report starting Friday. Grocery chain Albertson’s reported results that beat expectations on the top and bottom lines on Tuesday morning.
Prices for 10-year Treasurys gained some ground, lowering yields to 1.75% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices picked up $3.08 to $81.31 U.S. a barrel.
Gold prices roared ahead $23.50 to $1,822.50 U.S. an ounce.