Stocks rebounded on Wall Street Monday and clawed back most of their sharp loss from last week. The S&P 500 snapped 1.4% higher as the initial jolt passed from the Federal Reserve’s reminder that it will eventually offer less help for markets. Oil producers, banks, and other companies that were hit particularly hard last week made the biggest gains, the AP reports. High-growth tech stocks lagged. Shorter-term yields fell, and longer-term yields rose in another reversal from last week’s initial reaction to the Fed’s saying it may raise rates twice by late 2023. The S&P 500 rose 58.34 points to 4,224.79. The Dow Jones Industrial Average rose 586.89 points, or 1.8%, to 33,876.97. The Nasdaq rose 111.10 points, or 0.8%, to 14,141.48.
The market’s immediate reaction to last week’s Fed news was to send stocks lower and interest rates higher. Any shift by the Fed would be a big deal, after investors have feasted on easy conditions with ultra-low rates for more than a year. But analysts note that it's not as if the Fed said it will jack rates higher than their record low of nearly zero anytime soon. More bumps may be ahead for markets, which had been mostly quiet for weeks before the Fed's announcement. Fed Chair Jerome Powell will speak before a House subcommittee on Tuesday about the Fed's response to the pandemic. On Friday, investors will see what the Federal Reserve's preferred gauge for inflation says about May.
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