Wall Street Stocks Bounce Back Amid Steady Oil Prices
Stocks on Wall Street rose slightly Wednesday as oil prices and bond yields stabilized. This relief from pressure caused by rising oil prices and a bond market sell-off came after two weak days for the broader market.
The S&P 500 index increased by 0.6%, while the Dow Jones Industrial Average rose 270 points, or 0.5%, as of 12:03 p.m. Eastern time. The Nasdaq composite also saw a gain of 0.5%.
Banks led the charge with significant gains, with JPMorgan Chase up 0.8% and Bank of America rising by 1.3%. Dell Technologies also saw a substantial increase of 6.9% following a positive financial update.
Despite the stabilization in oil prices at $95.69 a barrel for Brent crude, energy stocks were mixed. Chevron edged slightly higher after confirming plans to expand operations in Venezuela.