Stocks rose on Wednesday despite a continued surge in oil prices surged amid the intensifying conflict between Russia and Ukraine.
The Dow Jones Industrials shot higher 351.4 points, or 1.1%, to 33,646.35.
The S&P 500 picked up 43.3 points or 1%, to 4,348.06.
The tech-heavy NASDAQ Composite index gained 74.28 points, or 0.6%, to 13,606.74.
Corporate news helped push the market higher. Shares of Ford popped 4.6% after the automaker announced it would split its electric vehicle and legacy production businesses into two separate units. Salesforce rose 1.7% after the software giant beat estimates on the top and bottom lines for its fourth quarter.
The move in oil appeared to boost energy stocks, with Exxon and Chevron each rising about 2% in early trading.
Earnings boosted several other stocks in extended trading. Nordstrom spiked by more than 30% on strong earnings while SoFi surged around 10%.
On the downside, First Solar shares tumbled more than 15% after the company misses estimates on revenue and issued disappointing guidance. Citi shed 3.5% after releasing updated financial goals.
Earnings season continues with several tech companies set to report on Wednesday. Okta, Pure Storage and C3 AI will report after the market closes. ChargePoint is also scheduled to report after the bell.
Fed Chair Jerome Powell will testify before Congress on Wednesday to give his semi-annual monetary policy update. The central bank chief said that rate hikes are likely to begin this month despite the “highly uncertain” impact of the war in Ukraine, and that the Fed would make progress on but not finalize a plan to reduce its balance sheet.
Markets also were digesting the State of the Union speech from President Joe Biden, who offered little in the way of new policy details while urging support for Ukraine and reiterating many of the goals for his domestic agenda.
Oil prices acquired $5.17 to $108.58.
Gold prices dropped $9.90 to $1,933.90.