U.S. stocks shot up, while oil prices also jumped, as investors watched for updates from Ukraine and parsed testimony on the Federal Reserve’s plans to raise interest rates.
The S&P 500 rose 1.9% Wednesday as of the 4 p.m. ET close of trading, a day after the benchmark index fell 1.6%. The Dow Jones Industrial Average gained 596 points, or 1.8%, and the technology-focused Nasdaq Composite Index added 1.6%. The advances were broad-based, with most of the S&P 500’s 11 sectors rising 1% or more.