The Dow Jones Industrials rocketed 329.65 points, or 1%, to 34,741.34.
The S&P 500 jumped 44.92 points, or 1%, to 4,436.62.
The NASDAQ Composite popped 169.81 points, or 1.3%, to 13,502.16.
Earnings reports boosted the market on Tuesday morning. Johnson & Johnson reported mixed quarterly results on Tuesday, with its earnings per share topping earnings expectations while revenue missed analyst estimates.
The pharmaceutical company also lowered its earnings guidance for 2022. Its shares rose 2%, however, boosting the Dow.
Bank stocks also outperformed as rates moved higher and regional and mid-sized banks reported earnings. Citizens Financial, which beat first-quarter estimates on the top and bottom lines on Tuesday morning, jumped more than 7%. JPMorgan and Goldman Sachs each rose more than 1%.
Some heavy hitters in the tech and media industries also rose on Tuesday. Shares of Disney climbed 2.5%, while Netflix added about 2%. Microsoft and Alphabet each rose more than 1%.
On Tuesday, Hasbro shares added about 1% despite the toy company posting a weaker-than-expected profit for the previous quarter. Its revenue was in line with estimates. Travelers Companies was down 3% and Lockheed Martin shares lost about 1% after posting mixed results.
Netflix and IBM are scheduled to post their numbers after the bell Tuesday.
On the data front, housing starts and building permits in March came in above expectations, according to estimates from Dow Jones.
Treasury prices dipped sharply, raising yields to 2.92%, from Monday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices dipped $4.53 to $103.68 U.S. a barrel.
Gold prices paled $24.60 to $1,961.80 U.S. an ounce.