Wall Street rises after getting some relief

NEW YORK – Wall Street rose Wednesday after getting some relief from relaxing bond yields and falling oil prices.

The S&P 500 climbed 0.8% to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones Industrial Average rose 127 points, or 0.4%, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4%.

Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.

The yield on the 10-year Treasury, which is the centerpiece of the bond market, pulled back from its highest level since 2007, down to 4.73% from 4.80% late Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market.

Yields fell following a couple reports indicating a slowing economy. The first suggested hiring by employers outside the government was much weaker last month than expected.

After already hiking its main interest rate to the highest level since 2001, the Federal Reserve has indicated it may keep its overnight rate higher next year than it had earlier expected. Treasury yields have correspondingly snapped higher as traders accept a new normal for markets of high rates for longer.

Oil prices tumbled Wednesday to take some heat off inflation.

Prices for crude had been generally charging higher from $70 during the summer following announcements of cuts to production by some oil-producing countries.

On Wall Street, Big Tech stocks helped to support the market after leading it lower a day earlier. They tend to move more sharply with expectations for rates because high-growth stocks are seen as some of the biggest victims of high yields.

A 5.9% jump for Tesla and 1.8% rise for Microsoft were the two strongest forces pushing upward on the S&P 500. Alphabet rose 2.1%.

On the losing end of Wall Street were big oil-andgas companies, which fell with the price of crude. Exxon Mobil dropped 3.7%, Chevron lost 2.3% and ConocoPhillips slid 3.6%.

Cal-Maine tumbled 7.3% after the egg producer reported a sharp drop in profit for its latest quarter from a year earlier.

The company said egg prices have returned “to more normalized levels” from their record highs as the industry recovers from the most recent outbreak of highly pathogenic avian influenza.

All told, the S&P 500 rose 34.30 points to 4,263.75. The Dow added 127.17 to 33,129.55, and the Nasdaq jumped 176.54 to 13,236.01.

In markets abroad, stock indexes were mixed across much of Europe.

Asian stocks tumbled, coming off the prior day’s sharp losses from Wall Street. Tokyo’s Nikkei 225 index sank 2.3%, South Korea’s Kospi dropped 2.4% and Hong Kong’s Hang Seng slipped 0.8%.

Gold for December delivery fell $6.70 to $1,834.80 an ounce. Silver for December delivery fell 23 cents to $21.15 an ounce and December copper fell 3 cents to $3.59 a pound.

The dollar rose to 149.05 Japanese yen from 148.88 yen. The euro rose to $1.0504 from $1.0474.