U.S. stocks ended sharply higher on Tuesday, boosted by Apple, Tesla and other growth giants, as strong April retail sales data eased concerns about slowing economic growth.

Ten of the S&P's 11 major sector indexes rose, with financials, materials, consumer discretionary and technology all gaining more than 2 percent. Investors were cheered by data showing U.S. retail sales rose 0.9% in April as consumers bought cars as supplies improved and frequented restaurants.

Microsoft, Apple, Tesla and Amazon, which have been selling off recently, rose between 2% and 5.1%, pushing the S&P 500 and Nasdaq higher. Stocks rallied across the board on Tuesday after a weeks-long sell-off in U.S. stocks that last week saw the S&P 500 fall to its lowest level since March 2021. “The giants that investors tend to buy are basically down, either into correction territory or into a bear market,” said Sylvia Jablonski, chief investment officer at Defiance ETFs. “I think investors are looking for dips. I'm guessing today is a good time to do that."

The S&P 500 climbed 2.02% to close at 4,088.85. The Nasdaq rose 2.76% to 11,984.52 and the Dow Jones Industrial Average rose 1.34% to 32,654.59.

European stocks also rose across the board on Tuesday. As of the close, the Stoxx Europe 600 index rose 1.2% to 438.97 points; Britain's FTSE 100 index rose 0.7% to 7,518.35 points; France's CAC 40 index rose 1.3% to 6,430.19 points; Germany's DAX index rose 1.6% to 6,430.19 points 14,185.94 points.

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