(CNBC) — Stocks rose Tuesday as Wall Street looked past tightening covid policies in China to instead focus on a host of strong earnings reports and the potential for smaller future rate hikes during a holiday-shortened trading week.

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The Dow Jones Industrial Average closed 397.82 points, or 1.18%, higher at 34,098.10. The S&P 500 rose 1.36% to close at 4,003.58, its first close above the 4,000 level since September. The Nasdaq Composite also gained 1.36% to 11.174.41.

Mixed earnings results led to a few big stock moves – Best Buy popped 12.8% after the electronics retailer hiked its 2023 fiscal outlook and beat earnings expectations, while Abercrombie & Fitch and American Eagle Outfitters rose 21.4% and 18.2% respectively on their own earnings beats. On the flip side, Zoom fell 3.9% and Dollar Tree slipped 7.8% after reporting disappointing earnings and a lower-than-expected outlook, respectively.

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