Overview

• U.S. stocks surged more than 1% with the S&P 500 finishing at 6,092.51, just 0.8% below its February peak.
• Benchmark U.S. crude slid about 6% to settle at $64.37 a barrel, reflecting reduced Middle East supply risks.
• European and Asian markets all rose at least 1%, including a 2.1% gain in Hong Kong and a 3% jump in South Korea.
• Federal Reserve Chair Jerome Powell told lawmakers the economy remains strong and hinted rate cuts will arrive sooner rather than later without specifying a meeting.
• The yield on the 10-year Treasury dipped to 4.29% while consumer confidence fell to its weakest level since March 2021.