The U.S. stock market rebounded after oil prices stopped spiking and reports gave encouraging updates on the economy.
The S&P 500 rose 0.8% Wednesday and erased much of its loss since the war with Iran began. The Dow Jones Industrial Average added 0.5%, and the Nasdaq composite climbed 1.3%.
The strength followed a scary start to the day, when South Korea’s Kospi stock index plunged 12.1% for its worst loss in history. Uncertainty about the war has sent prices in financial markets careening this week, with most taking their cues from what the price of oil is doing. Oil prices moderated through the day.
On Wednesday:
The S&P 500 rose 52.87 points, or 0.8%, to 6,869.50.
The Dow Jones Industrial Average rose 238.14 points, or 0.5%, to 48,739.14.
The Nasdaq composite rose 290.79 points, or 1.3%, to 22,807.48.
The Russell 2000 index of smaller companies rose 27.66 points, or 1.1% to 2,636.01.
For the week:
The S&P 500 is down 9.38 points, or 0.1%.
The Dow is down 238.51 points, or 0.5%.
The Nasdaq is up 139.27 points, or 0.6%.
The Russell 2000 is up 3.65 points, or 0.1%.
For the year:
The S&P 500 is up 24 points, or 0.4%.
The Dow is up 676.12 points, or 1.4%.
The Nasdaq is down 434.51 points, or 1.9%.
The Russell 2000 is up 154.11 points, or 6.2%.