Moreover, shares of Hasbro Inc (HAS) jumped 5.8% after reporting earnings of 38 cents per share, beating the Zacks Consensus Estimate of 24 cents and surged 81% year over year.
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The Dow Jones industrial average.DJI rose 106.7 points, or 0.6 percent, to close at 18,004.16, the S&P 500.SPX gained 13.61 points, or 0.65 percent, to 2,094.34 and the Nasdaq Composite.IXIC added 21.80 points, or 0.44 percent, to 4,960.02.
Chevron climbed 1.25 percent as crude prices steadied from earlier losses caused by the collapse of talks among major producers to tackle a stubborn global surplus.
BIG SLIDE: Calumet Specialty Products Partners tumbled 46.1 percent after the fuel and specialty chemicals company issued a discouraging first-quarter forecast and suspended its cash distribution.
Crude oil futures in NY fell about 7% right out of the gate when trading started on Sunday.
Energy stocks in the region rebounded Tuesday morning, with shares of Santos up 2.84 percent, Oil Search advancing 4.66 percent and Woodside Petroleum up 3.41 percent.
The Topix subindex for insurance shares ended 4.4 percent higher after clawing back much of the 5.8 percent it shed on Monday, as property and casualty insurers shares’ plunged in the wake of Kyushu’s devastating quakes. Vertex Pharmaceuticals also rose, adding $2.15, or 2.6 percent, to $83.90.
Wall Street is set to track European and Asian markets higher when it opens.
In Qatar, some 18 oil-exporting nations, including OPEC members, failed to agree to stabilise output at January levels until October 2016 after Saudi Arabia demanded that Iran join in. There was some good news, however, for the short term, as Kuwait announced a significant cut in oil production as a result of a strike by oil workers in the country.
Brent crude oil LCOc1 was last at $43.73 per barrel, up 82 cents, while USA crude oil CLc1 was up $1.07 at $40.85.
USA stocks closed higher Monday, with consumer discretionary and health care stocks among the top gainers, as oil prices pared most of their overnight losses.
Hong Kong added 0.7 per cent, Shanghai 0.5 per cent, Sydney gained one per cent and Seoul was 0.1 per cent up.
“Companies have been coming in more or less in line with what we thought they would do and it’s also adding to our thesis that it’s another year of slow growth”, said Kim Forrest, research analyst at Fort Pitt Capital Group in Pittsburgh.
“We’re not seeing the sort of massive move in the oil prices” that had been projected if the Doha talks failed, said Art Hogan, chief market strategist at Wunderlich Securities.
In the eurozone, Frankfurt rallied 2.2 percent as a key survey, the German investor confidence index calculated by the ZEW economic institute, showed an increase by 6.9 points to 11.2 points in April.
Disney rose 2.7 percent after “Jungle Book” dominated the weekend box office, grossing more than $100 million. Australia’s S&P/ASX 200 advanced 0.9 percent to 5,253.50.
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The Final Word: US stock market volatility (NYSEARCA:VXX) remained very low Tuesday, a sign that rising oil prices and improved risk sentiment could continue to outweigh dismal quarterly earnings.
