NEW YORK (AP) — The U.S. stock market bounced back Wednesday after pressure eased on Wall Street from the bond market and oil prices gave back some of their big gains.
The S&P 500 climbed 1.1% for its first rise in four days and pulled closer to its all-time high set last week. The Dow Jones Industrial Average added 645 points, or 1.3%, and the Nasdaq composite rallied 1.5%.
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Options trader Chris Dattolo works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)
Specialist Michael Pistillo. Left, and trader Fred's Demarco work on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 18, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)
A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)
Stocks got a lift from easing yields in the bond market, which offered relief following rapid climbs that had rattled stock markets worldwide recently. The yield on the 10-year Treasury fell to 4.57% from 4.67% late Tuesday, which is a significant move for a market that measures things in hundredths of a percentage point.
The 10-year Treasury yield had been rising from less than 4% before the war with Iran began, along with other yields around the world, because of worries that the fighting will keep oil prices high, among other factors. The inflation concerns not only seemed to eliminate the chances for a cut to interest rates by the Federal Reserve this year, they also heightened the risk that central banks may have to raise rates in 2026.
High yields slow economies and weigh on prices for stocks, cryptocurrencies and all kinds of other investments. Besides driving up rates for mortgages, they could also curtail companies’ borrowing to build the artificial-intelligence data centers that have been supporting the U.S. economy’s growth recently.
Yields eased Wednesday as oil prices pulled back some more. The price for a barrel of Brent crude fell 5.6% to settle at $105.02, though it remains well above its roughly $70 level from before the war. Prices have been yo-yoing on rising and falling hopes that the United States and Iran can reach an agreement to allow oil deliveries to fully resume from the Persian Gulf to customers worldwide.
A report showing less bad inflation in the United Kingdom than economists expected also helped calm yields worldwide.
With the easing of yields, technology stocks helped lead Wall Street higher.
Nvidia rose 1.3% ahead of its latest profit report, which arrived after trading ended for the day, and was the strongest force lifting the S&P 500. The chip company reported another quarter of bigger growth in profit and revenue than analysts expected, while it also gave a better-than-expected forecast for revenue in the current quarter.
Other tech stocks leading the market included Advanced Micro Devices, up 8.1%, and Intel, up 7.4%.
Smaller companies can feel even bigger relief from lower yields than their bigger rivals because many need to borrow to grow. The Russell 2000 index of the smallest U.S. stocks jumped 2.6%, more than double the gain of the S&P 500, which measures the biggest U.S. stocks.
Also helping to drive the market was the company behind TJ Maxx, Marshalls and other stores, which climbed 5.7% after delivering stronger profit and revenue for the latest quarter than analysts expected. TJX’s CEO, Ernie Herrman, said the current quarter is off to a good start, and the off-price retailer raised its forecasts for revenue and profit this year.
Red Robin Gourmet Burgers jumped 18.2%, and Cava Group rose 3.1% following their own better-than-expected profit reports. Such results raise hopes that households can keep spending and supporting the economy, even though they’re contending with high gasoline prices and widespread discouragement about economic conditions.
Most big U.S. companies have likewise reported better profits for the start of 2026 than analysts expected, which has helped stocks run to records. Stock prices tend to follow the path of corporate profits over the long term.
On the losing side of Wall Street was Target, which fell 3.9% even though the retailer reported better profit and revenue for the latest quarter than analysts expected. A new CEO, Michael Fiddelke, is trying to turn around the company and boost its revenue.
Expectations were high for the company’s performance after Target’s stock came into the day with a gain of more than 30% for the year so far, quadruple the S&P 500’s gain.
All told, the S&P 500 rose 79.36 points to 7,432.97. The Dow Jones Industrial Averae jumped 645.47 to 50,009.35, and the Nasdaq composite rallied 399.65 to 26,270.36.
In stock markets abroad, indexes climbed in Europe following weaker finishes across Asia.
Tokyo’s Nikkei 225 fell 1.2% as the yield on the 10-year Japanese government bond slipped but remained near its highest level since 1997.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Options trader Chris Dattolo works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)
Specialist Michael Pistillo. Left, and trader Fred's Demarco work on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 18, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)
A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)
MADRID (AP) — Pope Leo XIV honored Spain's centuries-old tradition of religious devotion on Sunday as a “school of faith” for today, as he presided over a Mass before a million people and highlighted one of the most iconic expressions of Spanish popular piety with a procession over flower-petal carpets.
The crowd cheered and shouted “This is the youth of the pope!” as Leo arrived for the Mass at a central Madrid plaza. He looped around the plaza and surrounding streets in his popemobile to a crowd packed several rows deep of people eager to witness the first papal visit in 15 years.
Sunday’s Mass fell on the Catholic Corpus Domini feast day, which often features processions of faithful through towns and cities led by a priest carrying the Eucharist. In Spain as in other predominantly Catholic countries, the processions often feature elaborate floral carpets arranged along the route.
According to Spanish organizers, the 16 flower carpets decorating the half-kilometer (mile) procession route off Plaza Cibeles were prepared by a Spanish florists association from Galicia. Florists used more than 30,000 flowers, most the yellow and white colors of the Holy See flag, for the carpets that feature decorations such as the Holy See keys.
Leo, who arrived in Spain on Saturday at the start of his weeklong visit, has been keen to highlight the long tradition of Catholic devotion here to encourage especially young generations to find their faith in a once-staunchly Catholic country where religious observance has largely been on the wane.
In his homily Sunday, Leo honored Spain's tradition of the Corpus Domini processions, saying the floral carpets express the “spiritual sentiments of this country” through “altars erected in the streets.”
“This is not an exhibition, a remnant of folklore or a simple display of beauty,” he said. “It is a profession of faith in the presence of the risen Lord, who is alive and continues to walk among us.”
He said the continued observance of such devotional practices points to what Spain can and should be for the world.
“Herein lies the task of Spain today and in the future: to ensure that the religiosity which has shaped and defined this country for centuries is not a museum of the past to be visited, but a school of faith from which to draw even today,” he said.
At the end of the Mass, Leo carried a gilded monstrance, or container, holding a Eucharistic host and walked over the floral carpets, as children dropped additional petals before him and the crowd tossed petals from behind the barricades.
The huge turnout in Spain began the day of Leo's arrival, when an estimated 600,000 young Spaniards attended a vigil service Saturday night. They knelt for several minutes in silent prayer alongside Leo, suggesting that there is indeed interest in the faith among young people despite Spain’s heavily secularized society.
“Let me take the opportunity to tell all of you: Don't ever be afraid of thinking about a vocation to the priesthood or religious life, or other services in the church!” Leo told the crowd.
Irati Valda and Javier Hormazal, a young couple, held up a cardboard sign announcing they are going to get married on June 13 and were ushered up close to receive Leo's blessing during the vigil.
“To see so many young people together, it's incredible. Half a million people in silence, this is something you will only live once," Valda said.
For Sunday's Mass and procession, local organizers said 1.2 million people had turned out on a brilliant spring morning at the central plaza and surrounding streets, with more trying to get in.
The tradition of laying flower carpets — and destroying them when the procession tramples them — dates back two centuries and is popular also in Latin America, where elaborate sand designs are also made. The painstaking displays are considered an offering to the Eucharist.
Poland has already had its tradition of Corpus Domini flower carpets recognized by UNESCO, and Spain's Galicia region is trying to have its tradition listed along with other countries as part of the world’s intangible cultural heritage.
Wildly popular religious processions, pilgrimages and feasts continue to be held in most Spanish regions. The most recognizable are Holy Week processions during the final week of Lent where brotherhoods and robed penitents parade ornate statues of Christ and the Virgin Mary through cities, towns and villages alongside marching bands. Such processions draw the faithful as well as droves of non-believers and tourists.
Spanish towns and cities also regularly honor local patron saints with fiestas. Religious pilgrimages to local shrines mix piety with communal festivities and music. In Andalusia, the El Rocío pilgrimage fetches a million people that make a long, dusty journey over the Pentecost weekend on horseback and decorated covered wagons to venerate an icon of the Virgin Mary.
Leo arrived in Spain on Saturday and urged its people to put an end to polarization and work for unity. Later Sunday he is to meet privately with members of his Augustinian religious order and address cultural leaders.
AP visual journalist Helena Alves contributed to this report.
Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Pope Leo XIV takes part in a procession marking the Catholic feast of Corpus Christi at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Bernat Armangue)
Clergymen wait for Pope Leo XIV to arrive to preside over Mass marking the feast of Corpus Christi in Plaza de Cibeles in Madrid, Sunday, June 7, 2026, on the second day of his seven-day apostolic journey to mainland Spain and the Canary Islands. (AP Photo/Alessandra Tarantino)
People wait for Pope Leo XIV to preside over Mass marking the Catholic feast of Corpus Christi in Plaza de Cibeles in Madrid, Sunday, June 7, 2026, on the second day of a seven-day apostolic journey to mainland Spain and the Canary Islands. (AP Photo/Alessandra Tarantino)
Pope Leo XIV greets a child upon arriving in the popemobile at Plaza de Cibeles for a Holy Mass and Corpus Christi procession in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Andrea Comas)
Pope Leo XIV presides over a Mass marking the Catholic feast of Corpus Christi at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Manu Fernandez)
Pope Leo XIV presides over a Mass marking the Catholic feast of Corpus Christi at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Manu Fernandez)
Pope Leo XIV arrives in the popemobile at Plaza de Cibeles for a Holy Mass and Corpus Christi procession in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Bernat Armangue)
Pope Leo XIV presides over a Mass marking the Catholic feast of Corpus Christi at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Manu Fernandez)
Pope Leo XIV arrives in the popemobile at Plaza de Lima in Madrid, Saturday, June 6, 2026, for a prayer vigil with young people on the first day of a seven-day apostolic journey to mainland Spain and the Canary Islands. (AP Photo/Bernat Armangue)
Pope Leo XIV is welcomed by Spain's King Felipe VI and Queen Letizia, as he arrives at the Royal Palace in Madrid, Saturday, June 6, 2026, on the first day of his seven-day apostolic journey to mainland Spain and the Canary Islands. (AP Photo/Alessandra Tarantino)
People wait for the arrival of Pope Leo XIV ahead of a Holy Mass and Corpus Christi procession at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Andrea Comas)
People wait for the arrival of Pope Leo XIV ahead of a Holy Mass and Corpus Christi procession at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Andrea Comas)
People wait for the arrival of Pope Leo XIV ahead of a Holy Mass and Corpus Christi procession at Plaza de Cibeles in Madrid, Spain, Sunday, June 7, 2026, on the second day of his seven-day apostolic visit to mainland Spain and the Canary Islands. (AP Photo/Manu Fernandez)
