Roundup: U.S. stocks keep rising after holiday

U.S. stocks posted solid gains Tuesday after markets were closed Monday for Presidents' Day, as a rebound across the global equity markets boosted investor sentiment.

The Dow Jones Industrial Average jumped 222.57 points, or 1.39 percent, to 16,196.41. The S&P 500 leapt 30.80 points, or 1.65 percent, at 1,895.58. The Nasdaq Composite Index surged 98.44 points, or 2.27 percent, to 4,435.96.

Overseas stock markets rebounded strongly during the long weekend. Chinese shares surged on Tuesday to reclaim the 2,800-point mark on official reassurance about the steadiness of the yuan. The benchmark Shanghai Composite Index leapt 3.29 percent to close at 2,836.57.

Tokyo stocks reversed early losses to close higher Tuesday, after spiking over 7 percent on Monday, as investors were encouraged by a weaker yen.

European shares finished mixed Tuesday after the previous day's surge, as European Central Bank President Mario Draghi hinted at further easing of monetary policy.

German benchmark DAX index at Frankfurt Stock Exchange fell 0.78 percent, while British benchmark FTSE 100 Index added 0.65 percent.

Oil prices retreated Tuesday as top producers Russia and Saudi Arabia disappointed the market by agreeing only to a conditional output freeze.

Russia and Organization of the Petroleum Exporting Countries (OPEC) members Saudi Arabia, Venezuela and Qatar said they had reached a preliminary deal to freeze output at January's level, but only if other major producers followed suit.

The West Texas Intermediate for March delivery moved down 40 cents to settle at 29.04 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery decreased 1.21 dollars to close at 32.18 dollars a barrel on the London ICE Futures Exchange.

In the United States, the February 2016 Empire State Manufacturing Survey indicates that business activity continued to decline for New York manufacturers. The headline general business conditions index edged higher, but remained firmly in negative territory.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, fell 5.08 percent to end at 24.11 Tuesday.

In other markets, the U.S. dollar rose against other major currencies on Tuesday after an extended holiday weekend.

In late New York trading, the euro declined to 1.1142 dollars from 1.1256 dollars in the previous session, while the dollar bought 113.88 Japanese yen, higher than 113.24 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange dropped on Tuesday as U.S. equities rose.

The most active gold contract for April delivery fell 31.2 dollars, or 2.52 percent, to settle at 1,208.20 dollars per ounce. Endit