Stocks extended their rallies on Tuesday, with the Dow adding 338 points on the heels of strong earnings results from Goldman Sachs (GS) and Johnson & Johnson (JNJ). The blue-chip benchmark was up more than 600 points at its sessions highs, but rising Treasury yields brought it back down to earth. The S&P 500 and Nasdaq scored solid wins of their own, despite the latter's brief foray into red territory. Elsewhere, the Cboe Volatility Index (VIX) logged its fourth loss in five sessions. 

The Dow Jones Average (DJI - 30,523.80) added 338 points or 1.1% for the day. Salesforce (CRM) led the gainers, adding 4.3%, while Intel (INTC) paced the laggards with a 2.1% loss.

The S&P 500 Index (SPX - 3,719.98) rose 42 points or 1.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,772.40) gained 96.6 points or 0.9% for the session.

Lastly, the Cboe Volatility Index (VIX - 30.50) dropped 0.9 points or 2.8% for the session.

OIL PRICES FALL AS BIDEN LOOKS TO BOOST SUPPLIES

Oil prices tumbled on Tuesday, following reports that the Biden administration is set to release 10 to 15 million barrels from the U.S. Strategic Petroleum Reserve. President Joe Biden is expected to offer comments later today. November-dated crude dropped $2.64 cents, or 3.1%, to finish at $82.82 per barrel.

Gold prices settled lower as well, as investors weighed the likelihood of more interest rate hikes. The yellow metal also brushed off weakness in the U.S. dollar. December-dated gold shed $8.20, or 0.5%, to close at $1,655.80 an ounce.

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