NEW YORK (AP) — Wall Street took another sharp swing Wednesday, this time back to rally mode, as stocks and Treasury yields rose even as oil prices continued to climb.
The S&P 500 rose 1.9%, putting it back into the green for the week, after Federal Reserve Chair Jerome Powell said he supports a more modest rise in interest rates this month than some investors had been fearing.
Other markets were also showing less fear from the prior day. Treasury yields recovered some of their sharp losses and gold receded.
U.S. crude oil climbed to $110.60 per barrel, the highest level in more than a decade.