Stocks closed higher on Wall Street Tuesday as inflation worries ebbed and oil prices slid.
The wilder action was in oil and Asian stock markets, where tighter anti-COVID measures in China are raising worries. Oil tumbled more than 6%, and a barrel of U.S. crude fell below $97. Stocks in Hong Kong sank more than 5% for a second straight day. Treasury yields were mixed as the Federal Reserve began its highly anticipated two-day meeting on rates.
The S&P 500 rose 89.34 points, or 2.1%, to 4,262.45.
The Dow Jones Industrial Average rose 599.10 points, 1.8%, to 33,544.34.
The Nasdaq rose 367.40 points, or 2.9%, to 12,948.62.
The Russell 2000 index of smaller companies rose 27.25 points, or 1.4%, to 1,968.97.
For the week:
The S&P 500 is up 58.14 points, or 1.4%.
The Dow is up 600.15 points, or 1.8%.
The Nasdaq is up 104.81 points, or 0.8%.
The Russell 2000 is down 10.70 points, or 0.5%.
For the year:
The S&P 500 is down 503.73 points, or 10.6%.
The Dow is down 2,793.96 points, or 7.7%.
The Nasdaq is down 2,696.35 points, or 17.2%.
The Russell 2000 is down 276.34 points, or 12.3%.
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