Many investors on Wednesday looked to the Federal Reserve for hints about whether this autumn’s unusual ascent in Treasury yields would help finish America’s inflation fight. The central bank’s message: maybe.
In the tug of war between low-risk government debt and higher-risk equities, that was enough of a signal to push stocks higher Wednesday. The Dow Jones Industrial Average rose 0.7%, or 222 points, while the tech-heavy Nasdaq Composite added 1.6%. The S&P 500 increased 1.1%, led by the information-technology and communication services sectors.
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