(CNBC) — Stocks traded higher on Tuesday on renewed hopes of U.S. tax reform.

The S&P 500 rose 1 percent, with information technology and financials both rising. The two sectors closed slightly lower on Monday. The Dow Jones industrial average rose 200 points on Tuesday, with Boeing contributing the most to the gains. The Dow was also on track for its biggest one-day pop since April.

Art Cashin, director of floor operations at UBS, said a big chunk of the gains Tuesday, “maybe half,” are related to speculation that the White House and Republicans are making progress on tax legislation or on at least a repatriation plan that would involve infrastructure spending.

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