US stocks rise on earnings, oil bounce

US stocks snapped a five-day losing streak Tuesday, posting strong gains after positive earnings from UPS and a big rally in petroleum-linked stocks.

At the closing bell, the Dow Jones Industrial Average was at 17,629.16, up 188.57 points (1.08 percent).

The broad-based S&P 500 gained 25.63 (1.24 percent) to 2,093.27, while the tech-rich Nasdaq Composite Index jumped 49.43 (0.98 percent) to 5,089.21.

Shipping company UPS powered up 5.1 percent after reporting second-quarter net income of $1.2 billion, up from $454 million in the year-ago period.

Dow member ExxonMobil jumped 4.1 percent, while fellow oil and gas producers Apache and ConocoPhillips gained 4.4 percent and 3.1 percent respectively as oil prices stabilized.

"It's not particularly surprising to see the market acting a little better today as we got significantly oversold," said Michael James, managing director of equity trading at Wedbush Securities.