Stocks rose Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
The Dow Jones Industrials moved upward 641.47 points, or 2.2%, to end Tuesday at 30,530.25.
The S&P 500 rallied 89.95 points, or 2.5%, to 3,764.79.
The NASDAQ Composite popped 270.95 points, or 2.5%, to 11,069.30, off its highs of the day.
U.S. stock markets were closed Monday for Juneteenth.
Shares of Diamondback Energy jumped 8.2% and Exxon Mobil rose 6.2%. Shares of Schlumberger and Phillips 66 gained about 6%. Shares of Halliburton climbed 5.9%.
Mega-cap tech stocks also led gains. Shares of Google-parent Alphabet jumped more than 4%. Shares of Apple and Amazon both moved more than 3%.
Chip stocks posted gains with shares of Nvidia rising more than 5%, KLA jumping more than 4% and Advanced Micro Devices climbing 3%.
Elsewhere, Kellogg's stock price rose more than 2% after the company said it would split into three separate companies.
Fed Chair Jerome Powell will testify before Congress Wednesday and Thursday. His appearance comes after a recent rate hike by three-quarters of a percentage point, the central bank's biggest increase since 1994.
Investors continued to monitor data to gauge the health of the economy. On Tuesday, the latest report from the National Association of Realtors showed sales of existing homes in May fell 3.4%, which is the weakest report since June 2020.
Treasury prices slumped, raising yields to 3.31% from Friday's 3.23%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.02 to $110.58 U.S. a barrel.
Gold prices fell eight dollars to $1,832.60 U.S. an ounce.