The S&P 500 rose on Wednesday after a volatile previous session as investors eyed developments in the U.S.-Israeli war on Iran.
The Dow Jones Industrial Average recovered 247.89 to 48,749.16.
The much broader index regained 47.95 points to 6,864.55.
The NASDAQ surged 263.51 points, or 1.2%, to 22,779.76.
Treasury Secretary Scott Bessent told the media on Wednesday that the U.S. is going to make “a series of announcements” to support the flow of oil through the Persian Gulf.
This comes after President Donald Trump said Tuesday that the U.S. will give insurance to tankers in the Gulf and have the U.S. Navy escort tankers through the Strait of Hormuz, if necessary.
The rally in oil prices that has taken place in the wake of the war in the Middle East continued to lose steam Wednesday following Bessent’s comments.
Bessent also said Wednesday that Trump’s 15% global tariff announced late last month will be implemented this week. Yet, he added that he believes U.S. tariff rates would “within five months” return to levels prior to the Supreme Court’s decision to strike down the president’s tariff
policy.
Prices for the 10-year Treasury weakened, hiking yields to 4.09% from Tuesday’s 4.06%. Treasury prices and yields move in opposite directions.
Oil prices dipped 20 cents to $74.36 U.S. a barrel.
Gold prices regained $34.30 to $5,158 U.S. an ounce.
