U.S. stocks are closing higher Tuesday, regaining their footing a day after suffering their worst loss in months amid the worsening pandemic and potentially market-moving Senate elections.

The S&P 500 was 0.7% higher in afternoon trading, and the majority of big stocks in the index were rising.

Oil producers led the way as crude prices strengthened. The market's moves were tenuous, though.

The S&P 500 at one point lost all of an early-morning rise even after a report showed U.S. manufacturing grew last month at its strongest pace since 2018.