Stocks stage late-day rally

NEW YORK (CNNMoney.com) - U.S. stocks staged a late-day rally Tuesday, with the Dow closing up 135 points, as falling oil prices overshadowed grim quarterly financial reports.

"A pullback in energy prices is going to be a beneficial move for consumer spending, corporate spending, and the macro economy," said Art Hogan, chief market strategist at Jefferies & Co.

At the end of the trading day, the 30-stock Dow Jones industrial average was up 1.2 percent. The broader Standard & Poor's 500 index gained nearly 1.4 percent. The tech-heavy Nasdaq composite, which sagged most of the day, ended the day almost 1.1 percent higher.

–From CNNMoney.com's Catherine Clifford