Stocks recovered some of their losses from the day before, which was Wall Street’s worst in three weeks.
The S&P 500 rose 0.5% Wednesday. The Dow added 0.2%, and the Nasdaq climbed 0.6%.
Treasury yields edged lower after Federal Reserve Chair Jerome Powell said again that cuts to interest rates may be coming later this year. Powell also said the Fed needs more data showing inflation is cooling before it will act. New York Community Bancorp rose after the troubled bank announced a $1 billion cash infusion, a new CEO and four new directors, including former Treasury Secretary Steven Mnuchin.
On Wednesday:
The S&P 500 rose 26.11 points, or 0.5%, to 5,104.76.
The Dow Jones Industrial Average rose 75.86 points, or 0.2%, to 38,661.05.
The Nasdaq composite rose 91.95 points, or 0.6%, to 16,031.54.
The Russell 2000 index of smaller companies rose 14.38 points, or 0.7%, to 2,068.09.
For the week:
The S&P 500 is down 32.32 points, or 0.6%.
The Dow is down 426.33 points, or 1.1%.
The Nasdaq is down 243.40 points, or 1.5%.
The Russell 2000 is down 8.31 points, or 0.4%.
For the year:
The S&P 500 is up 334.93 points, or 7%.
The Dow is up 971.51 points, or 2.6%.
The Nasdaq is up 1,020.19 points, or 6.8%.
The Russell 2000 is up 41.01 points, or 2%.
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