Stock Market News Today: Dow Up 200 Points Apple Stock Keeps Rising - The Wall Street Journal

Shares of materials and industrials firms propelled major stock indexes higher after fresh data indicated the U.S. economy remains strong.

Both releases extend a stretch of data that's tamping down recession fears, but raising the odds of further interest-rate increases. Wall Street continues to wrestle with whether the Federal Reserve can engineer a soft landing—one in which inflation falls to more normal levels but higher rates don't push the economy into a severe recession.

Fed Chair Jerome Powell said this week that the central bank will likely need to continue hiking rates to rein in inflation given the economy's strength. Traders see a quarter-point rate increase at the next central bank meeting as highly likely.

In recent market action:

Stocks gained. The S&P 500, Dow industrials and Nasdaq Composite all advanced.

Treasury yields jumped. The yield on the benchmark 10-year Treasury note climbed to 3.829%, having closed at 3.711% the day before. The two-year yield rose to 4.870% from 4.720% as prices fell.

U.S. bank stocks climbed. Bank of New York Mellon and Bank of America were among the stocks that rose after the Fed said the country's biggest lenders remain healthy.

Apple's stock continued to advance. Shares are creeping closer to the level that would give the company a market cap of $3 trillion.

Market breadth improved. A majority of S&P 500 companies are now higher for the year.

Chinese stocks fell. Hong Kong’s Hang Seng index was down 1.3%. Analysts pointed to jitters from a potential U.S trade ban on artificial-intelligence chips exports to China.

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