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Stocks rose Wednesday, with the market turning a corner following back-to-back losing sessions on Wall Street.
The Dow Jones Industrials finished above water 75.86 points Wednesday to 38,661.05. The blue-chip average was weighed down by a drop of more than 2% in Disney.
The S&P 500 gained 26.11 points to 5,104.76.
The NASDAQ hiked 91.96 points to 16,031.54.
Wednesday’s advances mark a reprieve after the three major averages notched two straight days of declines, pulling the market off record highs. But gains were kept in check as Apple fell into the red once again and concerns swirled around troubled regional bank New York Community Bancorp.
While the NASDAQ saw gains Wednesday, some major tech names sat out of the rally. Apple fell for its sixth straight trading day, capping gains even as mega-cap darling Nvidia climbed more than 3%. Alphabet and Tesla also both traded lower in the session.
Despite Wednesday’s action, the three major indexes were still down on the week.
Regional bank stocks swung between gains and losses in the session after New York Community Bancorp announced a $1 billion capital raise. The SPDR S&P Regional Banking ETF (KRE) ended the day slightly lower after trading more than 2% lower during the trading day.
Shares of NYCB rose about 7.5% after tumbling more than 40% earlier in the session. Trading in the stock was halted several times throughout the day.
In prepared remarks for appearances on Capitol Hill, Federal Reserve Chair Jerome Powell said the central bank could lower interest rates this year. But the Fed chief said the bank is not immediately ready to cut the cost of borrowing money.
Prices for the 10-year Treasury bounced, lowering yields to 4.11% from Tuesday’s 4.14%. Treasury prices and yields move in opposite directions.
Oil prices gathered 91 cents to $79.06 U.S. a barrel.
Gold prices progressed $13.20 to $2,154.10.
