Stocks recovered some of their losses from the day before, which was Wall Street’s worst in three weeks.
The S&P 500 rose 0.5% Wednesday. The Dow added 0.2%, and the Nasdaq climbed 0.6%.
Treasury yields edged lower after Federal Reserve Chair Jerome Powell said again that cuts to interest rates may be coming later this year. Powell also said the Fed needs more data showing inflation is cooling before it will act. New York Community Bancorp rose after the troubled bank announced a $1 billion cash infusion, a new CEO and four new directors, including former Treasury Secretary Steven Mnuchin.
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