U.S. stocks rose Tuesday after crude oil stepped back from a seven-week peak and higher fourth-quarter profits arrived from the financial sector.

The Dow Jones Industrial Average rose 70.79, or 0.7 percent, to 10,628.79. The Standard & Poor’s 500 was up 11.46, or 1 percent, to close at 1,195.98. The Nasdaq gained 18.13, or 0.9 percent, to 2,106.04.

Among local companies, Homestore Inc. jumped 10.17 percent to close at $2.60 after equity firm Piper Jaffray & Co. said it expects the Westlake Village based firm’s fourth-quarter earnings results to fall in line with its estimates of $56.6 million.

And shares of Public Storage Inc. gained 3.4 percent to $55.07 after its stock was first raised to “buy” from “neutral” by Banc of America Securities and then downgraded to “underperform” from “neutral” by Maxcor Financial.

On the down side, Hi Shear Technology Corp. fell 13.2 percent to close at $4.61 after the Torrance-based maker of electronic and mechanical products for the aerospace industry stated that its fiscal fourth-quarter earnings slid to 7 cents a share from 9 cents in the comparable period of 2003.