Wall Street Climbs as Some Beaten-Down Bank Stocks Recover
Stocks ended broadly higher on Wall Street Tuesday, as some of the most breathtaking moves from a manic Monday reversed course.
The S&P 500 rose 1.7 percent after a report showed inflation is still high but heading lower. Stocks of smaller and mid-sized banks recovered some of their prior plunges caused by worries that customers could yank out all their cash. Treasury yields soared to trim their historic drops.
The Dow Jones Industrial Average rose 1.1 percent, while the Nasdaq composite added 2.1 percent. Gains in technology stocks, banks, and communications services companies powered much of the rally.
A week ago, Wall Street was expecting Tuesday’s report on inflation to be the most important data of the week, if not month. The worry at the time was that inflation is staying stubbornly high, which could force the Federal Reserve to pick up the pace again on its hikes to interest rates….