Wall Street had another strong swing Wednesday, this time back into rally mode, as equities and Treasury yields surged despite the fact that US crude oil prices reached their highest level in more than a decade.

The S&P 500 gained 1.9%, recouping earlier-week losses, as Federal Reserve Chair Jerome Powell indicated he favours a more moderate increase in interest rates this month than some investors had anticipated. He also stated that he still expects inflation to moderate over the year, despite the fact that it is at its highest level in 40 years.

Treasury yields climbed after falling sharply earlier this week as investors clamoured for safety. Gold receded, and a measure of nervousness among stock investors on Wall Street eased after swinging sharply in recent days.

Powell said in testimony to Congress that the Fed is set to raise its key interest rate for the first time since 2018. But he also said the attack on Ukraine may have muddied conditions, with its impact on the U.S. economy “highly uncertain,” adding that “we’re never on autopilot.”

The yield on the 10-year Treasury leapt to 1.89% from 1.72% late Tuesday, while the two-year Treasury surged to 1.53% from 1.31%. Yields, though, remain well below where they were before Russia’s invasion. The 10-year yield was above 2% last month before it plunged as investors ploughed into investments seen as safer amid worries about war.

The price of U.S. oil jumped another 7% to $110.60 per barrel, the highest level in just over a decade. Brent crude, the international standard, climbed 7.6% to $112.93 per barrel.

Leaders of OPEC and other major oil-producing countries decided Wednesday to stick with their plan to gradually increase oil production. The OPEC+ coalition of oil producers, made up of OPEC members led by Saudi Arabia and non-cartel members led by Russia, chose to increase oil production by 400,000 barrels per day in April.

In the stock market, all the uncertainty about oil prices and inflation has led to big swings not only by the day but also by the hour. The S&P 500 swung between gains of 0.4% and 2.2% Wednesday. It closed 80.28 points higher to 4,386.54. The Dow Jones Industrial Average rose 596.40 points, or 1.8%, to 33,891.35, while the Nasdaq composite gained 219.56 points, or 1.6%, to 13,752.02.

More than 90% of stocks in the S&P 500 rose, with technology, financial and health care companies accounting for a big share of the rally. Bank stocks led the gainers, climbing 2.6%, as higher longer-term interest rates can mean bigger profits for them making loans. Energy stocks also helped lift the index as they rode higher energy prices.

Ross Stores climbed 6.1% after the retail chain reported stronger profit for its last quarter than analysts expected. Ford jumped 8.4% after it said it was accelerating its transformation into an electric-vehicle company and split its EV and internal combustion operations into two individual businesses. Stock markets around the world were mixed. France’s CAC 40 rose 1.6%, Germany’s DAX returned 0.7% and Japan’s Nikkei 225 fell 1.7%.

Russia’s central bank said stock trading on the Moscow exchange would remain closed Wednesday for a third day, though trading of currencies and precious metals would resume for the first time this week.