Following the Federal Reserve’s sharpest rate rise since 1994 and its subsequent guarantee that such mega-hikes would not be regular, Wall Street rebounded Wednesday.

The S&P 500 rose 54.51 points, or 1.5%, to 3,789.99 after a roller-coaster trading session immediately following the Fed’s latest action to combat inflation.

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In equally erratic trading, Treasury rates fell in the bond market as Fed Chair Jerome Powell appeared to allay market concerns about an excessively aggressive Fed by hinting more moderate rate hikes may come later this year.

The Dow Jones Industrial Average fluctuated between a gain of 647 points and a loss of roughly 180 points before concluding with a gain of 303.70 points. It ended the day at 30,668.53, up 1%. The Nasdaq composite jumped 270.81, or 2.5%, to 11,099.15.

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The Fed on Wednesday hiked its key short-term interest rate by three-quarters of a percentage point, triple the usual move. Powell said the Fed may consider another increase that big at its next meeting in July, but he also said such a hike is “an unusually large one” and not to expect it to be common.

The two-year Treasury yield fell to 3.21% from 3.45% late Tuesday, with the biggest move happening after Powell said 0.75 percentage point rate hikes wouldn’t be common. The yield on the 10-year Treasury pulled back to 3.28% from 3.48%.

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Cryptocurrency prices continued to sink, and bitcoin dropped as low as $20,087.90, nearly 71% below its record of $68,990.90 set late last year. It was down nearly 1% at $21,770 in afternoon trading, according to CoinDesk.

Stocks nevertheless also rose in Europe and parts of Asia Wednesday.

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Germany’s DAX returned 1.4% after the European Central Bank called an unscheduled meeting to address worries that rising interest rates will cause turmoil in the continent’s bond market. The central bank did not give a detailed plan, but it said it would act if needed against “fragmentation” as yields for some European countries’ bonds rise much more than for others.

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Stocks in Shanghai gained 0.5% after government data showed Chinese factory activity rebounded in May as anti-virus controls that shut down businesses in Shanghai and other industrial centres eased.