Stocks rose Tuesday despite another red hot inflation report as investors took news some Russian military units will start returning to their permanent bases after completing drills near the Ukrainian border as a good sign for Wall Street. The Dow Jones Industrial Average rose for the first day in four, jumping over 400 points, while the S&P 500 Index and Nasdaq Composite climbed 1.5% and 2.5%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +1.58% or +69.40 points to 4,471.07

Dow Jones Industrial Average (DIA  ): +1.22% or +422.67 points to 34,988.84

Nasdaq Composite Index (QQQ  ): +2.53% or +348.84 points to 14,139.76

Intel to buy Tower Semiconductor in $5.4 billion deal:

Intel (INTC  ) announced Tuesday that the semiconductor giant has agreed to by Israeli chipmaker Tower Semiconductor (TSEM  ) in a $5.4 billion deal. The deal is expected to give Intel a stronger presence in the specialty technologies market in which Tower works.

"This deal will enable Intel to offer a compelling breadth of leading-edge nodes and differentiated specialty technologies on mature nodes--unlocking new opportunities for existing and future customers in an era of unprecedented demand for semiconductors," said Intel CEO Pat Gelsinger in a press statement.

Intel will pay $53 per share of Tower, exceeding Tower's closing price of $33.13 on Monday. The deal is expected to close in about 12 months.

Virgin Galactic to open space tourism ticket sales on Wednesday:

Billionaire Richard Branson's Virgin Galactic (SPCE  ) announced Tuesday that it will open ticket sales to the public on Wednesday, with tickets requiring a $150,000 deposit.

Virgin Galactic revealed last year that its tickets will start at $450,000 each, with the space tourism company offering three different packages: a single seat ticket, ticket sets for couples, friends or family, and an option to book an entire flight. Virgin Galactic has also previously stated that $25,000 is not refundable of the $150,000 deposit.

Producer prices rose again last month:

U.S. producer prices rose in January as supply chain disruptions continue to be met by heightened demand, showing another sign of persisting inflationary pressures on the U.S. economy.

The U.S. Bureau of Labor Statistics reported its Producer Price Index (PPI) for final demand rose 1% last month, according to the firm's report published Tuesday, at a seasonally adjusted rate. Unadjusted, final demand prices jumped 9.7% for the 12 months ended January 2022. Last month's PPI increase follows advances of 0.4% in December and 0.9% in November.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: +0.98% or +43.10 points to 4,444.77

Dow Jones Industrial Average: +0.75% or +259.73 points to 34,825.90

Nasdaq Composite Index: -0.00% or -0.24 points to 13,790.92