Wall Street is clawing back some of its sharp recent losses Monday, ahead of a week that could send more big swings through financial markets. The Standard & Poor's 500 was 1% higher in its first trading after dropping more than 10% below its high point for the year. The Dow Jones industrial average was up 299 points, or 0.9%, as of 9:45 a.m. Eastern, and the Nasdaq composite was 1.3% higher.
A remarkably resilient economy and other factors have the 10-year Treasury yield catching up to the main interest rate controlled by the Federal Reserve, which is above 5.25% and at its highest level since 2001. The Fed has jacked up its federal funds rate in hopes of slowing the economy and stock prices enough to starve high inflation of its fuel. Its next meeting on interest rates will begin Tuesday, with an announcement coming Wednesday.
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