U.S. stocks waver after sharp selloff

Stocks on Wall Street are stabilizing on Wednesday after experiencing their worst fall in two years on fears about higher interest rates stoked by persistent inflation.

After seesawing in early trading, the S&P 500 was up 13 points, or 0.3%, to 3,946 as of 10:50 a.m. Eastern Time. The Dow rose to 31,168, or 0.2% — a day after the blue-chip index lost more than 1,250 points. The Nasdaq was up 0.5%.

A report on inflation at the wholesale level showed prices are still rising rapidly, with pressures building underneath the surface, even if overall inflation slowed. It echoed a report on inflation at the consumer level Tuesday, which raised expectations for interest-rate hikes and triggered a rout for markets.