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U.S. stock indexes bounced back Wednesday as jitters in the U.S. Treasury market eased.
The Dow Jones Industrial Average rose 100 points, or 0.29%, while the S&P 500 index and the Nasdaq Composite index advanced 0.41% and 0.54%, respectively.
|I:DJI||DOW JONES AVERAGES||34503.23||+203.24||+0.59%|
|I:COMP||NASDAQ COMPOSITE INDEX||14664.889251||+118.21||+0.81%|
The gains come a day after the major averages suffered their steepest one-day percentage declines in months as Federal Reserve Chairman Jerome Powell testified that inflation was larger and longer than anticipated.
The inflation concerns sent the 10-year yield to its highest level since June, but the benchmark yield has eased on Wednesday, falling 2 basis points to 1.52%.
In stocks, mega-cap technology and other growth names that benefit from lower rates rebounded.
Elsewhere, Boeing Co.’s 737 Max test flight for a return to service in China went off without any problems, said a company president. The planemaker hopes the jet will return to service in the country later this year.
|BA||THE BOEING CO.||228.55||+10.17||+4.65%|
Electric-vehicle maker Lucid Group Inc. is on track to meet its production targets for 2022 and 2023, CEO Peter Rawlinson told Reuters.
Micron Technology Inc. gave current-quarter revenue guidance that was below Wall Street estimates and warned shipments of its memory chips would slow because its customers were having trouble obtaining other PC parts.
|MU||MICRON TECHNOLOGY, INC.||72.75||-0.35||-0.48%|
|SHW||THE SHERWIN-WILLIAMS CO.||282.30||+2.54||+0.91%|
Sherwin Williams Co. said revenue for the current quarter and the remainder of the year would be flat to lower because of raw material shortages. The company also lowered its profit outlook due to the impact inflation will have on margins
Dollar Tree Inc. announced plans to add price points above $1 in Dollar Tree Plus stores and would begin testing the strategy in some legacy stores.
|DLTR||DOLLAR TREE, INC.||99.33||+13.05||+15.13%|
In commodities, West Texas Intermediate crude oil fell 33 cents to $74.96 a barrel and gold edged up $1.20 to $1,738.70 an ounce.
Overseas markets were mixed.
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European bourses were broadly higher with France’s CAC 40 rising 0.96%, Germany’s DAX 30 increasing 0.77% and Britain’s FTSE 100 climbing 0.55%.
In Asia, Hong Kong’s Hang Seng index jumped 0.67% while China’s Shanghai Composite and Japan’s Nikkei 225 declined 1.83% and 2.12%, respectively.
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