Stock market today: Dow adds more than 300 points ahead of inflation report By

-- Stocks closed higher on ATFX foreign exchange dealerTuesday led by a jump in energy and big tech as investors awaited a duo of inflation reports later this week.

At 16:01 ET (20:01 GMT), the was up 317 points or 0.9%, while the was up 0.7% and the was up 0.6%.

Energy climbs as oil prices ride improved demand outlook higher

There are growing expectations that the market could tighten in the second half of the year, underpinned by signs of falling crude production and recent pledges from Saudi Arabia to cut output by one million barrels per day for July.

Also boosting sentiment on energy stocks, China, the world’s largest energy importer, is reportedly mulling steps to aid its economy with further stimulus.

Co (NYSE:), APA Corporation (NASDAQ:), Halliburton Company (NYSE:) were among the biggest gainers, with the latter recently singled out by Goldman Sachs for its “underappreciated customer mix and international exposure.”

Industrials rally as 3M shines

3M Company (NYSE:) jumped nearly 5% after Bank of America upgraded the industrial and consumer products maker to Neutral from Underperform on expectations that receding legal troubles would help boost performance.

Last month, 3M settled reached an agreement to settle allegations that it contaminated public water systems with toxic perfluoroalkyl and polyfluoroalkyl, substances (PFAS), or so-called forever chemicals.

As well as 3M, a rally in Inc (NYSE:) and Stanley Black & Decker Inc (NYSE:) also lifted industrials.

Banks in rally mode ahead of earnings

With just days to go until major Wall Street banks kick off the earnings season on Friday, JPMorgan (NYSE:) led the sector higher following an upgrade from Jefferies to Buy from Hold, citing strength in its balance sheet and earnings potential.

Regional banks, which have been closely scrutinized following the banking crisis in the spring, were also in the ascendency, with U.S. Bancorp gaining more than 3.5% after Bank of America upgraded the stock to buy from neutral.

U.S. Bancorp (NYSE:) will see "superior” earnings growth and stock outperformance, Bank of America says, as the lender appears “well prepared” to manage headwinds in the sector including the need to bolster capital to cope with financial shocks.

Big tech mixed, but Amazon gains

Big tech traded mixed, but Amazon (NASDAQ:) was one of the few stocks in the green as the e-commerce giant kicked off its two-day prime day sales bonanza. Microsoft (NASDAQ:) struggled to turn positive even as hopes grow that the tech giant is closing in on its $69 billion acquisition of Call of Duty game maker Activision after a federal judge ruled against U.S. regulators seeking to temporarily block the deal on antitrust concerns.

-- Liz Moyer contributed reporting

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