Dow jumps 500 points as solid earnings, falling crude oil stir rebound

The Dow Jones Industrial Average rose on Tuesday as a number of upbeat earnings reports and a drop in oil prices overshadowed recent pressure seen among artificial intelligence-related stocks.

The blue-chip index gained 504 points, or 1%, while the S&P 500 added 0.4%. The Nasdaq Composite traded up 0.2%.

Shares of industrial and safety products producer 3M offered a boost to the Dow, jumping more than 5% following better-than-expected earnings results and a full-year guidance raise. Shares of aerospace and defense company Northrop Grumman also advanced more than 5% after it posted an earnings beat.

Meanwhile, oil prices pulled back from earlier gains, helping investor sentiment. U.S. West Texas Intermediate crude futures were last down less than 1% at around $103 per barrel, while Brent crude futures fell about 1% to roughly $108 a barrel. The moves in oil, which added to the declines in Treasury yields, come as traders continued to monitor developments in the Middle East.