Stocks rise on Wall Street as oil prices, bond yields hold relatively steady

NEW YORK (AP) — Stocks rose on Wall Street Wednesday as relatively steady oil prices and bond yields relieve some pressure.The S&P 500 index rose 0.6%. The Dow Jones Industrial Average rose 270 points, or 0.5%, as of 12:03 p.m. The Nasdaq composite rose 0.5%.The gains follow two weak days for the broader market as it came under pressure from rising oil prices and a bond-market sell-off.Banks had some of the strongest gains.

JPMorgan Chase rose 0.8% and Bank of America rose 1.3%.Elsewhere, Dell Technologies jumped 6.9% following an encouraging financial update.Markets in Europe fell after markets in Asia closed lower.Oil prices held relatively steady despite the intensification in the six-month long U.S. attacked sites in Iran over the weekend, ending a lull in major hostilities and Iran has since retaliated against sites around the Gulf region.Prices for Brent crude, the international standard, rose 1% to $95.69 a barrel. Chevron edged 0.4% higher after confirming it will expand operations in Venezuela.A surge in oil prices following the start of the U.S.

war with Iran fueled a jump in gasoline prices and global shipping costs. The conflict shut down the Strait of Hormuz, through which 20% of the world’s oil is typically shipped.Higher energy costs worsened inflation that was already stubbornly high amid a volatile U.S. tariff war with much of the world.Inflation has been squeezing businesses and households at the same time that the mostly resilient jobs market shows signs of weakening.

Payrolls processing firm ADP reported that private-sector employment slipped in August, according to its monthly survey. It is just a small snapshot, though, of the broader labor market and follows a government report on Tuesday that showed U.S. job openings rose in July.The big focus this week will be the government’s broader employment report for August, which will be released Friday.

The previous report for July showed that the jobs market stalled, with employers cutting positions.Both inflation and the jobs market have been key focuses for Wall Street and the Federal Reserve.“Friday’s employment report, and perhaps even more importantly next week’s inflation data, will play a significant role in determining whether policymakers decide to raise rates in September,” said Angelo Kourkafas, senior global strateg… NEW YORK (AP) — Stocks rose on Wall Street Wednesday as steady oil prices and bond yields relieve some pressure.The S&P 500 index rose 0.6%. The Dow Jones Industrial Average rose 421 points, or 0.8%, as of 10:52 a.m.

The Nasdaq composite rose 0.3%.The gains follow two weak days for the broader market as it came under pressure from rising oil prices and a bond-market sell-off.Banks had some of the strongest gains. JPMorgan Chase rose 1.7% and Bank of America rose 2.4%.Elsewhere, Dell Technologies rose 3.7% following an encouraging financial update.Oil prices held relatively steady despite the intensification in the six-month long U.S. Wall Street expects the central bank to raise interest rates before the year ends in an effort to cool inflation, which remains well above 3%.