U.S. stocks began March strongly on Tuesday, with the three major averages closing at least 2 percent higher, helped by an advance in oil prices and a better-than-expected report on U.S. manufacturing. The U.S. dollar was mixed versus the euro and the yen. West Texas Intermediate (WTI) crude futures recovered from a midday decline to rise 65 cents, or 1.9 percent, to $34.40 a barrel on the New York Mercantile Exchange. Gold futures for April delivery fell $3.60 to $1,230.80 an ounce. The Dow Jones industrial average rose 348.50, or 2.1 percent, to 16,865.08. Twenty-eight of the index's 30 components rose, led by J.P. Morgan Chase, which gained nearly 5 percent, and Apple, which advanced almost 4 percent. United Technologies was the only significant decliner, losing 1.7 percent after industrial rival Honeywell said it quit its $90 billion bid for the company. The broader Standard & Poor's 500 index rose 46.12, or 2.4 percent, to 1,978.35. Financials jumped 3 percent, leading nine sectors higher, while utilities were the only declining sector. The technology-heavy Nasdaq composite index rose 131.65, or 2.9 percent, to 4,689.60. Shares of Apple, Microsoft, and Amazon were up, while a biotechnology index gained more than 3 percent.
