Stocks closed higher on Wall Street Tuesday as inflation worries ebbed and oil prices slid.

       The wilder action was in oil and Asian stock markets, where tighter anti-COVID measures in China are raising worries. Oil tumbled more than 6%, and a barrel of U.S. crude fell below $97. Stocks in Hong Kong sank more than 5% for a second straight day. Treasury yields were mixed as the Federal Reserve began its highly anticipated two-day meeting on rates.

       On Tuesday:

       The S&P 500 rose 89.34 points, or 2.1%, to 4,262.45.

       The Dow Jones Industrial Average rose 599.10 points, 1.8%, to 33,544.34.

       The Nasdaq rose 367.40 points, or 2.9%, to 12,948.62.

       The Russell 2000 index of smaller companies rose 27.25 points, or 1.4%, to 1,968.97.

       For the week:

       The S&P 500 is up 58.14 points, or 1.4%.

       The Dow is up 600.15 points, or 1.8%.

       The Nasdaq is up 104.81 points, or 0.8%.

       The Russell 2000 is down 10.70 points, or 0.5%.

       For the year:

       The S&P 500 is down 503.73 points, or 10.6%.

       The Dow is down 2,793.96 points, or 7.7%.

       The Nasdaq is down 2,696.35 points, or 17.2%.

       The Russell 2000 is down 276.34 points, or 12.3%.