Wall Street roars back to rally mode, even as oil rises anew
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 was up 2% in afternoon trading 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 areas of the market were also showing less fear from the prior day, with Treasury yields recovering some of their sharp losses and gold receding.
The price of U.S. crude oil climbed to $110.60 per barrel, the highest level in more than a decade.