Stocks rose sharply higher on Tuesday as Wall Street continues to build on a broad market rally that began in the previous trading session. The Dow Jones Industrial Average surged over 800 points, while the S&P 500 and Nasdaq Composite climbed over 3% and 3.3%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +3.06% or +112.50 points to 3,790.93

Dow Jones Industrial Average (DIA  ): +2.80% or +825.43 points to 30,316.32

Nasdaq Composite Index (QQQ  ): +3.34% or +360.97 points to 11,176.41

Tuesday's moves put the S&P 500 up 5.7% for the week and market the broad-sector index's biggest two-day rally since March 2020. The Dow as also rallied more than 1,500 points in two days and the tech-heavy Nasdaq has added over 5%.

"After falling more than 9% in September and extending its year-to-date decline to nearly 25% as of Friday's close, we think the S&P 500 was looking oversold," said Mark Haefele, chief investment officer at UBS Global Wealth Management, quoted by CNBC. "In addition, some of last week's selling pressure may have been driven by quarter-end rebalancing, which has now ended."

"With sentiment towards equities already very weak, periodic rebounds are to be expected," he added. "But markets are likely to stay volatile in the near term, driven primarily by expectations around inflation and policy rates."

In the news on Tuesday, Elon Musk surprised investors by agreeing to move forward with his original $44 billion deal to buy Twitter (TWTR  ), according to a regulatory filing, sending shares of the social media giant 22% higher.

Twitter said in a statement it had received a letter from Musk's team and said, "The intention of the Company is to close the transaction at $54.20 per share."

Elsewhere for stocks, Rivian (RIVN  ) shares soared over 13% on Tuesday after the electric vehicle maker reiterated that it still expects to produce 25,000 EVs this year, affirming previous guidance despite supply-chain issues.

In economic news, the Bureau of Labor Statistics said in its monthly Job Openings and Labor Turnover Survey (JOLTS) that U.S. job openings fell 1.1 million month-to-month to 10.1 million for the month of August, marking the biggest drop since April 2020. The JOLTS report is closely watched by the Federal Reserve, which is working to soften the labor market to help stabilize soaring prices.

Tuesday's jobs data come ahead of September's jobs report slated for Friday, with consensus economists expecting the report to show a gain of 275,000 positions.