(CNBC) -- Stocks rose on Tuesday as strong earnings and encouraging inflation data pushed the S&P 500 to its best January since 2019.
The Dow Jones Industrial Average rose 369.21 points, or 1.1%. The S&P 500 gained 1.47% to 4,076.66. The Nasdaq Composite added 1.67% to 11,584.55, notching its best January since 2001.
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Traders assessed how some of the largest firms are faring amid high inflation and fears of slowing consumer spending. General Motors shares jumped about 8.4% after the auto manufacture posted strong earnings. PulteGroup shares surged 9.4% after the homebuilder reported better-than-expected earnings. Shares of Exxon Mobil also rose nearly 2.2% following earnings.