Stocks staged one of their strongest rallies of the year Tuesday, erasing a big decline from the day before, after a Federal Reserve official said he supported more measures to stimulate the economy.

The Dow Jones industrial average rose 162.57 points, or 1.3 percent, to 12,573.80.

The Standard & Poor's 500 rose 15.25 points, or 1.2 percent, to 1,324.18.

The Nasdaq composite index rose 33.34 points, or 1.2 percent, to 2,843.07.

For the week:

The Dow is up 19.60 points, or 0.2 percent.

The S&P 500 is down 1.48 points, or 0.1 percent.

The Nasdaq is down 15.35 points, or 0.5 percent.

For the year:

The Dow is up 356.24 points, or 2.9 percent.

The S&P 500 is up 66.58 points, or 5.3 percent.

The Nasdaq is up 237.92 points, or 9.1 percent.