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Stocks charge higher on Wall Street, erasing weekly losses

Statues adorn the facade of the New York Stock Exchange, July 14, 2022, in New York. Stocks are pushing higher on Wall Street in early trading but remain mostly in the red for the week as traders try to gauge whether the Federal Reserve will succeed in its mission to get inflation under control. The central bank's policymakers meet again in two weeks, and markets expect them to deliver another jumbo-sized interest rate increase of three-quarters of a percentage point. Investors will be closely watching appearances by Fed officials later Wednesday, Sept. 7, 2022 to see if they drop any hints about the Fed's thinking. (AP Photo/John Minchillo)
Statues adorn the facade of the New York Stock Exchange, July 14, 2022, in New York. Stocks are pushing higher on Wall Street in early trading but remain mostly in the red for the week as traders try to gauge whether the Federal Reserve will succeed in its mission to get inflation under control. The central bank's policymakers meet again in two weeks, and markets expect them to deliver another jumbo-sized interest rate increase of three-quarters of a percentage point. Investors will be closely watching appearances by Fed officials later Wednesday, Sept. 7, 2022 to see if they drop any hints about the Fed's thinking. (AP Photo/John Minchillo)

By The Associated Press 3 min read

Stock indexes on Wall Street closed solidly higher Wednesday, placing the market on pace to break a 3-week losing streak.

The S&P 500 rose 1.8% Wednesday, its biggest single-day gain in four weeks, with roughly 95% of the stocks in the benchmark index closing higher.

The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Smaller company stocks outgained the broader market, driving the Russell 2000 index 2.2% higher.

The indexes are now all in the green for the week, a welcome respite for traders after a slump in recent weeks that erased much of the market’s gains from a July and early August rally.

Wall Street watchers cautioned that the market is likely to see more volatility in coming weeks ahead of the next Federal Reserve interest rate policy update scheduled for Sept. 21.