Stocks rally on Wall Street as oil prices keep falling

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks closed higher on Wall Street Tuesday as inflation worries ebbed and oil prices slid. The S&P 500 gained 2.1% after a report showed inflation’s rapid acceleration paused at the wholesale level last month. The wilder action was in oil and Asian stock markets, where tighter anti-COVID measures in China are raising worries. Oil tumbled more than 6%, and a barrel of U.S. crude fell below $97. Stocks in Hong Kong sank more than 5% for a second straight day. Treasury yields were mixed as the Federal Reserve began its highly anticipated two-day meeting on rates.