U.S. markets were buoyed Tuesday by spiking oil prices, which climbed after the Organization of Petroleum Exporting Countries said non-OPEC production will likely fall more than expected this year.
Crude prices climbed roughly 4% as of midday trading to about $46.56 a barrel, based on U.S. benchmark West Texas Intermediate. Meanwhile, the S&P 500 and Dow Jones industrials rose 0.8% and 0.7%, respectively.
Seagate Technology (STX) was the top S&P performer as of afternoon trading, with shares of the data storage giant up nearly 22% following the release of plans to cut 14% of its workforce, or roughly 6,500 jobs.
The company said the move is part of Seagate's broader strategy to consolidate its global footprint, according to CEO Steve Luczo.
And the rise in oil prices helped lift all ships, most notably Southwestern Energy (SWN) , the Houston-based oil and gas giant and member of Real Money's Stressed Out watch list.
Southwestern shares climbed more than 11% in midday trading, followed by 9% gains in shares of fellow Stressed Out member Chesapeake Energy (CHK) .