Tech, consumer companies lead rebound in U.S. stocks

U.S. stocks rebounded Tuesday and climbed after a survey showed consumer confidence is at a nine-year high, a sign Americans will keep spending in the months to come. Technology and consumer stocks made the largest gains.

The market opened lower after two days of losses but quickly recovered.

Technology companies jumped, and solid results from cruise line operator Carnival sent travel-related companies higher. Energy companies slumped with oil prices as hopes for an international cut in fuel production faded.

After its slow start, the Dow Jones industrial average jumped 133.47 points, or 0.7 percent, to 18,228.30. The Standard & Poor’s 500 index picked up 13.83 points, or 0.6 percent, to 2,159.93. The Nasdaq composite gained 48.22 points, or 0.9 percent, to 5,305.71.

Economists had expected consumer confidence would fall in September. That’s partly because of disappointing reports on car and retail sales earlier this month.

Travel companies made some of the biggest gains on the S&P 500 after cruise operator Carnival reported a solid profit and strong revenue in the third quarter and raised its forecast for its full-year results. Carnival rose $1.88, or 4 percent, to $48.35 while competitor Royal Caribbean added $3.38, or 4.8 percent, to $74.35.

Amazon rose $16.95, or 2.1 percent, to $816.11 as consumer stocks made big moves. Netflix, which has slumped this year after its stock doubled in 2015, regained $2.51, or 2.7 percent, to $97.07. Microsoft helped pull tech stocks higher as it picked up $1.05, or 1.8 percent, to $57.95. IBM advanced $2.79, or 1.8 percent, to $156.77.

Oil prices fell after investors were disappointed again that OPEC countries didn’t make a deal to limit production.

A representative for Iran said there probably won’t be any such agreement this week and that oil-producing nations should discuss the issue in November.

U.S. crude fell $1.26, or 2.7 percent, to $44.67 a barrel in New York. The international standard, Brent crude, lost $1.38, or 2.9 percent, to $45.97 a barrel in London.