The remarks by the top two U.S. economic officials mirrored what they told Congress the day before, with Powell saying on Wednesday the most likely case is 2021 will be “a very, very strong year.”
The 10-year yield fell to about 1.6%, a slide that in recent days had propped up tech stocks that rely on low-cost capital. Value-oriented shares on Wednesday closed flat, outpacing a 1.4% decline in growth stocks, which include tech shares. Adding to an upward bias for most of the session was data showing U.S. factory activity picked up in early March amid strong growth in new orders. But supply chain disruptions continued to exert cost pressures on manufacturers, keeping inflation fears in focus.
Financials gained 0.4% and industrials rose 0.7%, while energy jumped 2.5% as crude prices rebounded from a 6% fall in the last session. [O/R] Apple Inc, Tesla Inc, Amazon.com Inc, Facebook Inc and Microsoft Corp led decliners on the S&P 500 and the Nasdaq. Bitcoin gained after Tesla’s founder, Elon Musk, said the company’s electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year.
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