NEW YORK, Feb 24 Reuters Shares on Wall Street ended higher on Wednesday, as a selloff in technologyrelated stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powells comments calmed inflation worries.
The Nasdaq index, which traded as much as 1.3 lower earlier in the session, regained its footing by early afternoon and closed higher. The Dow hit a record high earlier in the session. GameStop Corp stock, which was at the center of volatile moves in late January by shares talked about on a Reddit forum, rose sharply in late trading. Volume was more than two times the 10day moving average, and shares were halted by the New York Stock Exchange. AMC Entertainment Holdings also jumped.
Powell told lawmakers on Wednesday it may take more than three years to reach the central banks inflation goals, a sign the Fed plans to look beyond any postpandemic spike in prices and leave interest rates unchanged for a long time to come.
Whats driving the stock market is the fiscal stimulus, the dovish Fed, the real strong, strong earnings that were seeing, as well as the fact that were going to have a third vaccine, said Richard Saperstein, chief investment officer at Treasury Partners.
The U.S. Food and Drug Administration said on Wednesday Johnson Johnsons onedose COVID19 vaccine appeared safe and effective in trials, paving the way for its approval for emergency use as soon as this week.
Johnson Johnson rose following the news….