NEW YORK (AP) — Stocks closed higher on Wall Street Tuesday as inflation worries ebbed and oil prices slid.

The S&P 500 gained 2.1% after a report showed inflation's rapid acceleration paused at the wholesale level last month.

The wilder action was in oil and Asian stock markets, where tighter anti-COVID measures in China are raising worries.

Oil tumbled more than 6%, and a barrel of U.S. crude fell below $97.

Stocks in Hong Kong sank more than 5% for a second straight day.

Treasury yields were mixed as the Federal Reserve began its highly anticipated two-day meeting on rates.