NEW YORK: Shares on Wall Street ended higher on Wednesday, as a selloff in technology-related stocks eased and a rotation into cyclical shares continued after Federal Reserve Chair Jerome Powell's comments calmed inflation worries.
"What's driving the stock market is the fiscal stimulus, the dovish Fed, the real strong, strong earnings that we're seeing, as well as the fact that we're going to have a third vaccine," said Richard Saperstein, chief investment officer at Treasury Partners. "I don't believe that the 10-year yield going from 1per cent to 1.5per cent is going to alter the calculus of owning large technology stocks," said Saperstein.Value-oriented stocks have enjoyed a bit of a bounce recently, and the S&P 500 Value index rose for a fourth straight day.
Microsoft Corp, Amazon.com Inc and Apple Inc were down 0.4per cent to 1.1per cent, while Facebook, Netflix Inc and Alphabet Inc reversed earlier declines. Lowe's Cos Inc slid 3.7per cent as it stuck by its 2021 outlook of a US$4 billion to US$8 billion drop in revenue, even after reporting blow-out fourth quarter results.
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