Wall Street Stocks Rise Amid Steady Oil Prices
Wall Street stocks rose on Wednesday as relatively steady oil prices and bond yields eased some of the pressure on the market. The S&P 500 index increased by 0.6%, while the Dow Jones Industrial Average rose 270 points, or 0.5%.
The gains follow two weak days for the broader market, which was hit by rising oil prices and a bond-market sell-off. Banks had some of the strongest gains, with JPMorgan Chase up 0.8% and Bank of America up 1.3%. Dell Technologies jumped 6.9% after an encouraging financial update.
Despite the tensions in the US-Iran conflict, oil prices held relatively steady at $95.69 a barrel for Brent crude, the international standard. Energy stocks were mixed, with Chevron edging 0.4% higher after confirming it will expand operations in Venezuela.
The conflict has already had an impact on global markets, with inflation worsening and gasoline prices surging due to the shut down of the Strait of Hormuz, through which 20% of the world's oil is typically shipped.