Dow gains nearly 600 points | Bond yields jump | Fed Chair Powell: Rate hikes still coming

Stocks rallied sharply on Wednesday, while Treasury yields snapped back from a big decline.

VIEW IN BROWSER | SUBSCRIBE WED, MAR 02, 2022 EVENING BRIEF AS OF WED, MAR 02, 2022 • 04:47 ET DJIA 33891.35 +1.79% +596.40 S&P 500 4386.54 +1.86% +80.28 NASDAQ 13752.02 +1.62% +219.56   Most Active DOW NAME LAST CHG %CHG AAPL 166.56 +3.36 +2.06% INTC 48.87 +2.05 +4.38% MSFT 300.19 +5.24 +1.78% S&P 500 NAME LAST CHG %CHG F 18.10 +1.40 +8.38% AMD 118.28 +4.45 +3.91% AAPL 166.56 +3.36 +2.06% NASDAQ NAME LAST CHG %CHG AMD 118.28 +4.45 +3.91% AAPL 166.56 +3.36 +2.06% INTC 48.87 +2.05 +4.38%   EDITOR'S NOTE Stocks rallied sharply on Wednesday, while Treasury yields snapped back from a big decline. Meanwhile, investors monitored the progress of Russia's war in Ukraine, as well as Federal Reserve Chair Jerome Powell's comments on monetary policy.   One market that did not reverse its prior move was oil. Futures for U.S. benchmark West Texas Intermediate broke above $112 per barrel on Wednesday. The price of energy has been soaring because Russia is a key supplier of oil and natural gas to Europe.    Even though the stock market was able to shake off another rise in oil on Wednesday, it still could prove to be a hurdle for equities, said Jeffrey Kleintop, chief global investment strategist at Charles Schwab.    "Energy prices are going to be a very important driver of market direction. Today, they were coming down this morning, and that's where we saw the gains on the day. And then since oil prices kind of came back, we've seen those gains [in stocks] level off a little bit," he said.    The speed of the rise in oil prices leads to concern that it will juice inflation and hurt economic growth, Kleintop said, just as the Fed prepares to begin rate hikes later this month.  Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Dow rebounds nearly 600 points despite surge in oil prices, Treasury yields Russia has launched more than 450 missiles on Ukraine; UN calls for ceasefire Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine Fed Chair Powell notes 'highly uncertain' Ukraine impact, but says rate hikes are still coming 10-year yield sees biggest one-day jump since 2020 as traders ditch safe havens for riskier assets These stocks may beat the market as wheat and other agricultural prices soar, history shows Google tells employees in Bay Area and other U.S. locations to return to offices in April This is why the stock market is rebounding on Wednesday Ford plans to produce 2 million EVs annually, generate 10% operating profit by 2026 Amazon is shutting 68 retail stores, ending Amazon Books, 4-star and Pop Up shops   TOP VIDEO Oil could end up at $120 or $130 a barrel, says Raymond James' Molchanov   CNBC PRO Bonds are extra volatile, but markets have been taking Ukraine invasion in stride for now   SPECIAL REPORTS The 10 stock and bond funds with the biggest Russia exposure Russian oligarch Roman Abramovich says he will sell Chelsea soccer club amid Ukraine war   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS