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Stocks rise on Wall Street, led by tech companies and banks; oil is up again

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Technology companies and banks led stocks higher on Wall Street on Tuesday, erasing most of the market's losses from a broad sell-off a day earlier.

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Energy prices continued rising. U.S. oil rose 1.7% to $78.93 per barrel. Natural gas futures jumped 9.5%. Rising energy prices have been steadily pushing gasoline prices higher. The average price for a gallon of gas in the U.S. is $3.20, up more than $1 from a year ago, according to AAA.The rise in energy prices helped lift oil company shares. Chevron rose 1.1% and Hess rose 1.6%.

The market has been choppy for weeks as investors try to gauge how the economy will continue its recovery with COVID-19 crimping consumer spending and job growth. Inflation concerns have been driving much of the up-and-down shifts for technology companies and the broader market.

 

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