Wall Street rallies after swerving on Fed chair’s comments

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Stocks rallied on Wall Street after the Federal Reserve signaled last week’s stunningly strong jobs report won’t by itself change where interest rates are heading, as some investors had feared. The S&P 500 rose 1.3% Tuesday. The Nasdaq added 1.9% and the Dow rose 0.8%. Comments from Fed chief Jerome Powell sent stocks from losses to big gains and then back and forth a couple times. High inflation and how high the Fed will take interest rates to fight it have been at the center of Wall Street’s wild movements for more than a year.