(CNBC) — U.S. stocks kicked off March on a solid note Tuesday as the major averages closed about 2 percent higher, helped by a rise in oil prices and a better-than-expected ISM manufacturing report.
The Dow Jones industrial average traded more than 300 points higher to hit its highest level since Jan. 7. Apple briefly traded more than 4 percent higher to top $100.50 a share in afternoon trade as one of the top contributors to gains.
"I think it's near-term price action, possibly some chart chasing, momentum chasing, which continues to forge us higher into the close," said John Caruso, senior market strategist at RJO Futures.
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