Dow Jumps 718 Points to One-Month High as Crude Oil Tumbles; 3M Surges on Earnings Beat

U.S. stocks staged a sharp intraday turnaround Tuesday, with the Dow Jones Industrial Average climbing to its highest intraday level in over a month. The blue-chip index rose 718.14 points, or 1.4%, to 52,684.17, while the S&P 500 gained 0.7% to 7,747.85 and the Nasdaq added 0.6% to 26,589.03. The Dow's advance was led by 3M (MMM), which spiked 6.2% after the industrial conglomerate beat third-quarter earnings expectations and raised its full-year profit forecast. Dow components Merck (MRK), UnitedHealth (UNH) and Amgen (AMGN) also posted significant gains. The broader rally coincided with a sharp reversal in crude oil prices. After surging as much as 6.6% to top $110 a barrel, U.S. crude futures fell 2%, easing inflation concerns despite lingering Middle East tensions tied to Houthi attacks on Saudi infrastructure and vessel attacks in the Strait of Hormuz. Treasury yields also retreated, with the benchmark 10-year note down 4.2 basis points at 5.094%, following weaker-than-expected housing data showing steep drops in new residential construction and pending home sales.