Stocks posted sharp gains on Wednesday as recently surging commodity prices cooled off while the war in Ukraine continues.
The Dow Jones Industrial screamed higher 618.5 points, or 1.9%, to 33,251.14, after a woozy session Tuesday in which the main index fell fall deeper into correction territory.
The S&P 500 hiked 92.78 points, or 2.2%, to 4,263.48.
The NASDAQ Composite leaped 382.52 points, or 3%, to 13,178.07.
The gains came amid an easing in commodity prices that have spooked the broader market. Energy and agriculture products in particular have catapulted higher amid the fighting in Ukraine, while some metals also have posted major gains.
Certain consumer-related stocks roared back on Wednesday after weakness on fears that higher gas prices would dent consumer spending. Nike rose 6% and Starbucks added 3.8%.
Airlines and cruise lines were also higher on Wednesday. Carnival Corp. is up more than 7% and United Air Lines is 7.2% higher.
Treasury prices fell and yields climbed as investors rotated out of bonds after huddling in fixed income for protection amid the Ukraine war. The benchmark 10-year note rose about 3.7 basis points to 1.91%. A basis point equals 0.01%.
Bank stocks moved higher as yields rose. PNC Financial was up 4% and Wells Fargo rose more than 5%. Goldman Sachs and JPMorgan were 3% higher each.
Energy stocks were lower on Wednesday following a strong session Tuesday after President Joe Biden announced a ban on Russian fossil imports, including oil, in response to the country's invasion of Ukraine.
Pepsico shares rose more than 1% after the soft drink giant said it will suspend sales in Russia, though it will continue to sell snacks and essentials such as baby formula. Elsewhere, shares of dating service Bumble soared 37% after it reported profit and expected growth that was much better than Wall Street expectations.
On the economic data front, investors are looking forward to homebuying data from the Mortgage Bankers Association as well as the Job Openings and Labor Turnover Survey, or JOLTS.
Treasury prices faded, bringing yields to 1.92% from 1.85% Tuesday. Treasury prices and yields move in opposite directions.
Oil prices dropped six dollars to $117.70 U.S. a barrel.
Gold prices subsided $44.70 to $1,998.60 U.S. an ounce.