The Dow Jones Industrials raced upward 444.15 points, or 1.3%, to 34,855.84.
The S&P 500 jumped 61.02 points, or 1.4%, to 4,452.71.
The NASDAQ Composite popped 250.85 points, or 1.9%, to 13,583.20.
Earnings reports boosted the market on Tuesday. 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 3%, 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 rose more than 2%.
Some heavy hitters in the tech and media industries also rose on Tuesday. Shares of Disney climbed 3.8%, while Netflix added about 3.7%. Microsoft and Alphabet each rose more than 1%.
Travel stocks also performed well in the wake of the mask mandate for airlines being lifted following a court decision Monday. Shares of American Airlines gained more than 5%, while United climbed nearly 4%.
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 2.90%, from Monday’s 2.84%. Treasury prices and yields move in opposite directions.
Oil prices dipped $5.58 to $102.63 U.S. a barrel.
Gold prices dropped $27.80 to $1,958.90 U.S. an ounce.