Wall Street opens sharply higher; UK tax retreat welcomed

NEW YORK — Stocks are opening sharply higher on Wall Street, the latest about-face for a market that has seen a lot of sudden ups and downs recently.

The S&P 500 jumped 2.5% in the early going today, while the Dow was up 2% and the Nasdaq climbed 3%.

Benchmark Treasury yields eased back somewhat from their multiyear highs, while in the U.K. government bonds rallied following news that the country’s new Treasury chief was abandoning nearly all of a series of unfunded tax cuts announced last month that had upset markets.

Bank of America rallied nearly 5% after reporting earnings that beat forecasts.