The S&P 500 was 0.3% higher early Wednesday, coming off a 1.4% tumble that sent it to its lowest level in four months.The Nasdaq composite was up 0.4%. Stocks have struggled since the end of July as Treasury yields soar to their highest levels in more than a decade.THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
And despite an announcement from Saudi Arabia on Wednesday that it would maintain production cuts through the end of the year, crude prices slid. In Europe at midday, Germany's DAX rose 0.2%, Paris's CAC 40 was up 0.2% and Britain's FTSE 100 lost 0.5%. Investors increasingly are taking the Federal Reserve at its word that it will keep its main interest rate high for a long time in order to drive down inflation. The Fed has already yanked its federal funds rate to the highest level since 2001, and it indicated last month it may keep the rate higher in 2024 than it earlier expected.
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