(CNBC) — Stocks rose on Tuesday, recovering some of their sharp losses from the previous session, as traders made bets for a strong global economic recovery.

The Dow Jones Industrial Average closed 167.71 points higher, or 0.6%, at 30,391.60. The S&P 500 advanced 0.7% to 3,726.86, and the Nasdaq Composite climbed nearly 1% to 12,818.96.

Boeing was the best-performing stock in the Dow, gaining 4.4%. Energy stocks advanced 4.5% — their biggest one-day jump since Dec. 4 — after Saudi Arabia agreed to voluntary production cuts in February and March. Chevron rose 2.7%. The news also sent U.S. oil futures up 4.9% to briefly break above $50 per barrel for the first time since February.

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