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June 16, 2022

Stocks post strong gains

AP Business Writer

NEW YORK — Wall Street rallied Wednesday following the Federal Reserve's sharpest hike to interest rates since 1994, and its later assurance that such mega-hikes would not be common.

The S&P 500 climbed 54.51, or 1.5%, to 3,789.99 after whipping through roller-coaster trading immediately following the Fed's announcement. In equally topsy-turvy trading, Treasury yields eased in the bond market after Chair Jerome Powell seemed to soothe the market's fears about an overly aggressive Fed by implying more modest rate increases may be coming later this year.

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