Oil tops $110 a barrel, stocks rise after Powell comments

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Oil prices kept surging Wednesday and topped $110 per barrel as Russia’s war continues against Ukraine, but stocks and other markets were showing less fear than a day earlier. The S&P 500 was 1% higher in morning trading, while Treasury yields jumped to recover a sliver of their steep losses from the past week. Fed Chair Jerome Powell told Congress he would support raising interest rates by a quarter of a percentage point this month. That would be the first increase since 2018, but it would also be more modest than some investors along Wall Street had been fearing.