Stocks climbed in a volatile session, while the dollar fell and Treasuries wavered a day after a bond-market indicator flashed concern the economy could buckle under the weight of the Federal Reserve’s most aggressive rate-hike campaign in two decades. Oil topped $100 a barrel.
The S&P 500 notched its biggest three-day rally since November 2020. Equities rebounded after Bloomberg News reported JPMorgan Chase & Co. processed funds that were earmarked for interest payments due on dollar bonds issued by Russia and sent the money on to Citigroup Inc. The implied probability of a default by Russia within the year inched lower, according to credit-default swap pricing. Earlier in the day, stocks dropped as Moscow poured cold water on reports of progress in Ukraine peace talks.