1st LD Writethru: U.S. stocks extend gains on surging oil

U.S. stocks kept rising Tuesday, as investors were encouraged by a strong rebound in oil prices.

The Dow Jones Industrial Average added 89.39 points, or 0.50 percent, to 17,918.15. The S&P 500 gained 5.74 points, or 0.27 percent, to 2,109.79. The Nasdaq Composite Index increased 17.98 points, or 0.35 percent, to 5,145.13.

Oil prices surged Tuesday as market expected U.S. refiners to consume more crude after maintenance season, with both the U.S. oil and Brent crude spiking over 3 percent.

Lifted by the soaring oil prices, the energy sector jumped 2.53 percent as the biggest advancer in the S&P 500's 10 sectors.

On the economic front, U.S. new orders for manufactured goods in September decreased 4.7 billion U.S. dollars, or 1.0 percent, to 466.3 billion dollars, the Commerce Department reported Tuesday. This followed a 2.1 percent August decline.

Traders will mainly look to non-farm payrolls this week for hints on the timing of an interest rate hike from the U.S. Federal Reserve.

Wall Street will also keep a close eye on comments from Federal Open Market Committee members on Wednesday, including Fed Chair Janet Yellen, Vice Chair Stanley Fischer and New York Fed President William Duley.

In corporate news, shares of UBS fell 5.83 percent to 19.22 dollars apiece Tuesday, after Switzerland's biggest bank posted lower-than-expected quarterly profit.

UBS announced a third-quarter net profit of 2.1 billion Swiss francs (about 2.13 billion U.S. dollars).

Latest data from Thomson Reuters showed that S&P 500 companies' blended earnings in the third quarter of 2015 are expected to decline 1.5 percent year on year, while revenue growth is forecast to decrease 4.2 percent. Endit