Higher oil prices, data give Wall Street a boost

Investors bid up stocks broadly on Tuesday, nudging the Standard & Poor's 500 index back into the black for the year. Rising oil prices and encouraging data on housing and consumer confidence helped lift the market. Technology companies were among the biggest gainers.

The Dow Jones industrial average rose 193 points, or 1.1 percent, to 17,721. The S&P 500 index gained 22 points, or 1.1 percent, to 2,078. The Nasdaq composite climbed 67 points, or 1.3 percent, to 5,108. The market is coming off two days of losses.

"Historically, we tend to see favorable market returns around the holidays, and a large part of that can be attributed to depleted (trading) volumes," noted Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management.

Pep Boys surged after the auto parts and services retailer received another offer from activist investor Carl Icahn, putting the deal in the neighborhood of $1 billion. Shares in Pep Boys have been ratcheting steadily higher over the past two months as a takeover bid from Japanese tiremaker Bridgestone turned into a fight for control with Icahn.

Kohl's and Urban Outfitters were among the biggest gainers in the S&P 500.

Some energy and mining companies moved higher, benefiting from a rebound in oil prices.

Investors got some encouraging economic data on consumers and the housing market. The Conference Board's latest consumer confidence index increased from the previous month, reflecting positive views on the economy and job market. Meanwhile, a key gauge of home values indicated that U.S. home prices climbed 5.5 percent in October from a year earlier. Home values have climbed at a roughly 5 percent pace during much of 2015, as strong hiring has bolstered a real estate market still recovering from a housing bust that triggered a recession eight years ago.

Monday's news that Iran intends to increase exports by 500,000 barrels per day once economic sanctions are removed deepened concern over excess global supplies, pushing prices lower. But on Tuesday, benchmark U.S. crude rose on the New York Mercantile Exchange. Brent crude, which is used to price international oils, also gained in London.