The S&P 500 rose 0.5% as of 3:25 p.m. Eastern. The benchmark index was down as much as 0.8% in early trading. It slumped 3.2% a day earlier, hitting its lowest level in more than a year.
Big technology stocks, which have been swinging sharply both up and down recently, accounted for much of the S&P 500’s turnaround. Apple rose 2.2% and Microsoft rose 2.2%. The central bank has raised its benchmark rate from close to zero, where it sat for much of the coronavirus pandemic. Last week, it indicated it will double the size of future increases.
Russia’s ongoing invasion of Ukraine has only increased worries about rising inflation. The conflict pushed already high oil and natural gas prices even higher, while putting more pressure on costs for key food commodities like wheat and corn. U.S. crude oil prices fell 3.2% on Tuesday, but are up about 36% in 2022. Wheat prices are up more than 40% for the year.
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