Wall Street roars back to rally mode, even as oil rises anew

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Wall Street took another sharp swing Wednesday, this time back to rally mode, as stocks and Treasury yields rose even as oil prices continued to climb. The S&P 500 rose 1.9%, putting it back into the green for the week, after Federal Reserve Chair Jerome Powell said he supports a more modest rise in interest rates this month than some investors had been fearing. Other markets were also showing less fear than a day earlier. Gold receded and Treasury yields climbed after falling sharply earlier this week as investors clamored for safety. U.S. crude oil climbed to $110.60 per barrel, the highest level in more than a decade.