U.S. stocks reach 4-week highs, shake off rate hike concerns

U.S. stocks enjoyed its best day since August 10 on Wednesday — trying to shake off a three-week slide — as rates and oil prices eased, cooling investor concerns about continued high inflation.

The Dow Jones Industrial Average rose 435.98 points, or 1.40 percent, to end the day at 31,581.28. The S&P 500 surged 1.83 percent to 3,979.87. The Nasdaq Composite picked up 2.14 percent to 11,791.90, breaking a seven-day losing streak.