Dow ends nearly 600 points higher as oil retreats below $100 a barrel

Stocks ended sharply higher Tuesday as oil prices continued to pull back from 14-year highs. The Dow Jones Industrial Average
DJIA,
+1.82%
jumped around 599 points, or 1.8%, to close near 33,544, according to prelminary figures, while the S&P 500
SPX,
+2.14%
advanced around 89 points, or 2.1%, finishing near 4,262. the Nasdaq Composite
COMP,
+2.92%
rose around 367 points, or 2.9%, to end near 12,948.62. Crude prices, which saw the U.S. benchmark soar to a 14-year high near $130 a barrel last week as investors reacted to Russia’s invasion of Ukraine and the resulting sanctions against Moscow, have pulled back sharply. Front-month Nymex crude for April delivery
CL.1,
-0.56%
lost $6.57 per barrel, or 6.4% to close at $96.44 a barrel. Investors continued to monitor developments in the Russia-Ukraine war and prepared for the two-day Federal Reserve policy meeting that’s expected to conclude with an increase Wednesday with a rise in benchmark interest rates for the first time since 2018.