NEW YORK: The S&P 500 and the Dow rose on Wednesday on a boost from economy-linked financial and industrial stocks as Fed Chair Jerome Powell and Treasury Secretary Janet Yellen offered an optimistic view of a recovery from the coronavirus pandemic.
The top economic officials’ prepared remarks mirrored those delivered on Tuesday before the Congress, with Yellen signaling US banks look healthy enough to be allowed to pay dividends and repurchase stock.
At 11:54 a.m. ET, the Dow Jones Industrial Average was up 284.36 points, or 0.88%, at 32,707.51, the S&P 500 was up 19.95 points, or 0.51%, at 3,930.47, and the Nasdaq Composite was down 53.11 points, or 0.40%, at 13,174.59.
Facebook Inc, Apple Inc, Microsoft Corp and Amazon.com Inc slipped 0.6% as premarket gains fizzled out.
Intel Corp edged 0.1% higher as the company, in its efforts to expand chip making capacity, announced plans to spend as much as $20 billion to build two factories in Arizona and open its factories to outside customers.
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