The S&P 500 and Nasdaq Composite indexes rallied on Thursday, breaking a three-day streak of declines.
Both indexes are still down for the week, however. The Dow Jones Industrial Average declined for a fourth trading session.
Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee on Thursday that the central bank is committed to bringing inflation down but noted that it won’t have to move at the aggressive pace it took last year.
Still, a larger-than-expected rate increase from the Bank of England helped add to investors’ fears about the global economy.
Oil prices fell on those concerns. West Texas Intermediate crude, the US benchmark, fell 4.3% to about $69 a barrel. Brent futures, the international benchmark, declined to about $74 a barrel.
Tech stocks rallied, helping lift the broader S&P 500 and tech-heavy Nasdaq Composite. Tesla shares gained about 2%, Microsoft added 1.8% and Apple increased 1.7%.
Shares of Spirit AeroSystems, a Boeing supplier, slid 9.4% after it halted production at a Kansas facility. Workers had moved to strike starting June 24.
Overstock.com shares surged 17.3% after the company won an auction for Bed Bath and Beyond’s intellectual property and digital assets.
The Dow fell about 5 points, or 0.01%.
The S&P 500 gained 0.4%.
The Nasdaq Composite added about 1%.
As stocks settle after the closing day, levels might change slightly.
