The stock market stateside staged another big intraday comeback on Wednesday as investors continued to pile into names sensitive to an economic comeback, while looking past the risk of inflation and rising interest rates.
The Dow Jones Industrials hiked 424.56 points, or 1.4%, to end Wednesday at 31,961.86, powered by strong performance in energy, industrials and financials. Boeing jumped 8.1%, while Chevron climbed 3.7%. Goldman Sachs and Visa both rose more than 3%.
The S&P 500 recovered 44.06 points to 3,925.43.
The NASDAQ Composite jumped 132.77 points, or 1%, to 13,597.97. Apple, Amazon and Facebook closed in the red but well off their lowest levels.
Tesla shares were 6.2% higher after Ark Invest's Cathie Wood bought a ton more of her biggest holding during Tuesday's selling. Wood bought more than $120 million worth of Tesla shares for the flagship Ark Innovation ETF, according to the firm's website.
On Wednesday, the Food and Drug Administration's staff endorsed Johnson & Johnson's single-shot COVID-19 vaccine for emergency use, bringing in a third vaccine to the U.S.
Bitcoin, which some view as a barometer of speculation in financial markets, rebounded back above $50,000 after more buying of the cryptocurrency from Square.
Yields came off their highs after Federal Reserve Chair Jerome Powell continued to downplay the threat of inflation, saying it could take three years to reach the central bank's target consistently.
In Wednesday's testimony in front of the House of Representatives Financial Services Committee, Powell added that inflation could be volatile as the economy reopens and there is increased demand. But he does not expect inflation to run hot and said the central bank has the tools to fight it if it should.
Prices for 10-Year Treasurys lost a little ground, raising yields to 1.38% from Tuesday's 1.36%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.79 to $63.46 U.S. a barrel.
Gold prices slid $3.20 to $1,802.60