Dow Jumps 645 Points as Tech Stocks Bounce Back

The US stock market bounced back on Wednesday after pressure eased on Wall Street from the bond market and oil prices gave back some of their big gains.

• The S&P 500 rose 79.36 points, or 1.1%, to 7,432.97.
• The Dow Jones Industrial Average rose 645.47 points, or 1.3%, to 50,009.35.
• The Nasdaq composite rose 399.65 points, or 1.5%, to 26,270.36.

Stocks got a lift from easing yields in the bond market, which offered relief following rapid climbs that had rattled stock markets worldwide recently, the AP reports. The yield on the 10-year Treasury fell to 4.57% from 4.67% late Tuesday, which is a significant move for a market that measures things in hundredths of a percentage point.

Yields eased Wednesday as oil prices pulled back some more. The price for a barrel of Brent crude fell 5.6% to settle at $105.02, though it remains well above its roughly $70 level from before the Iran war. Prices have been yo-yoing on rising and falling hopes that the United States and Iran can reach an agreement to allow oil deliveries to fully resume from the Persian Gulf to customers worldwide. A report showing inflation in the United Kingdom wasn't as bad as economists expected also helped calm yields worldwide. With the easing of yields, technology stocks helped lead Wall Street higher.

• Nvidia rose 1.3% ahead of its latest profit report and was the strongest force lifting the S&P 500. Other tech stocks leading the market included Advanced Micro Devices, up 8.1%, and Intel, up 7.4%.

Smaller companies can feel even bigger relief from lower yields than their bigger rivals because many need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks jumped 2.6%, more than double the gain of the S&P 500, which measures the biggest U.S. stocks. Also helping to drive the market was the company behind TJ Maxx, Marshalls and other stores, which climbed 5.7% after delivering stronger profit and revenue for the latest quarter than analysts expected. TJX's CEO, Ernie Herrman, said the current quarter is off to a good start, and the off-price retailer raised its forecasts for revenue and profit this year.

Red Robin Gourmet Burgers jumped 18.2%, and Cava Group rose 3.1% following their own better-than-expected profit reports. Such results raise hopes that households can keep spending and supporting the economy, even though they're contending with high gasoline prices and widespread discouragement about economic conditions. On the losing side of Wall Street was Target, which fell 3.9% even though the retailer reported better profit and revenue for the latest quarter than analysts expected. A new CEO, Michael Fiddelke, is trying to turn around the company and boost its revenue. Expectations were high for the company's performance after Target's stock came into the day with a gain of more than 30% for the year so far, quadruple the S&P 500's gain.