Wall Street closed higher as the bond market loosened its vise on the stock market.
The S&P 500 rose 0.8 percent Wednesday, coming off a 1.4 percent tumble that sent it to its lowest level in four months. The Dow rose 127 points, a day after wiping out its gains for the year. The Nasdaq composite added 1.4 percent.
Treasury yields eased to give the stock market some more oxygen after reports suggested the U.S. economy may be cooling. Oil prices also tumbled by $5 per barrel to take some pressure off inflation and the threat of rates staying very high.
On Wednesday:
The S&P 500 rose 34.30 points, or 0.8 percent, to 4,263.75.
The Dow Jones Industrial Average rose 127.17 points, or 0.4 percent, to 33,129.55.
The Nasdaq composite rose 176.54 points, or 1.4 percent, to 13,236.01.
The Russell 2000 index of smaller companies rose 1.86 points, or 0.1 percent to 1,729.01.
For the week:
The S&P 500 is down 24.30 points, or 0.6 percent.
The Dow is down 377.95 points, or 1.1 percent.
The Nasdaq is up 16.69 points, or 0.1 percent.
The Russell 2000 is down 56.09 points, or 3.1 percent.
For the year:
The S&P 500 is up 424.25 points, or 11 percent.
The Dow is down 17.70 points, or 0.1 percent.
The Nasdaq is up 2,769.53 points, or 26.5 percent.
The Russell 2000 is down 32.23 points, or 1.8 percent.
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