NEW YORK — Stocks rebounded Tuesday as shares across the financial sector rose and oil prices retreated.
The Dow Jones Industrial Average was up by 70 points, or 0.6%, at 12,160. The S&P 500 was higher by 8 points, or 0.6%, at 1318, and the Nasdaq was ahead by 14 points, or 0.5%, at 2760.
Chevron(CVX_) and Exxon Mobil(XOM_) were among the Dow’s biggest laggards as oil prices paused but nonetheless remained at levels not seen in two and a half years. Violent clashes in Libya caused oil supply disruptions and investors worried that political uprising across the Middle East could affect supply from some of the major oil producers.
Libyan rebels reportedly rejected an offer to negotiate the terms of Moammar Gadhafi’s resignation as air strikes continue to hit the rebel-held town and oil terminal, Ras Lanouf. The April crude contract was trading $1.23 lower at $104.21.
The April gold contract was lower by $7.20 to trade at $1,427.30 an ounce.
Hong Kong’s Hang Seng gained 1.7% and Japan’s Nikkei added 0.2%. London’s FTSE was down by 0.8% and the DAX in Frankfurt was also trading 0.8% lower.
Shares of Urban Outfitters(URBN_) were losing 15.4% at $32.16 after the retailer missed analysts’ fourth-quarter estimates late Monday.