Wall Street sees best rally for two months
(Close): Wall Street markets had their biggest gains in two months following a global rally set off by positive Chinese inflation data.
Producer prices in China fell at their slowest rate in 16 months in April, while consumer prices climbed 2.3% in the same month.
The Dow Jones Industrial Average was up 222.44 points to 17928.35.
After slipping on Monday, oil prices also rose as wildfires in Canada continued to force suppliers to halt production.
OPEC president Mohammed bin Saleh al-Sada said on Tuesday that he expected the oil market recovery to continue as global demand increased in the second quarter of the year.
Shares of Southwestern Energy climbed 7%.
Disney shares were up 1.2%. The media giant releases its quarterly earnings report after markets close.
Shares of ecommerce firm Amazon jumped 3.4% after an analyst report raised its outlook for the company. On Tuesday, Amazon also launched a new video publishing website intended to be a rival to YouTube.