Wall Street rallies with oil prices rise, positive data

Wall Street posted massive gains Tuesday with a rise in oil prices and jump in new home sales in April.

The Dow Jones soared 213 points to end the day at 17,706 points. The S&P 500 rose 28 points to close at 2,076, while the Nasdaq was up 95 points to 4,861.

While the Dow and S&P posted their biggest daily gains since March 11, the Nasdaq recorded its largest daily increase since March 1.

At the final bell, American oil benchmark West Texas Intermediate was up 1.5 percent to $48.80 per barrel, while international benchmark Brent crude was around $48.83 with a one percent increase.

Meanwhile, new home sales in the U.S. rose by 88,000, or 16.6 percent, compared to the previous month to reach 619,000 in April. This was the biggest month in new home sales since January 2008.