Stocks closed higher on Wall Street for the first time in three days, even as bond yields climb to tighten the squeeze on Wall Street.
The S&P 500 climbed 0.8% Thursday after erasing a morning loss. The Dow and the Nasdaq also rose.
Stocks immediately flipped from losses to gains after a Federal Reserve official made comments that raised hopes the central bank may not ramp up its fight against inflation as aggressively as feared. That countered recent talk from other officials who raised worries about much bigger increases to interest rates following several hotter-than-expected reports on the economy.