Stocks rebounded Tuesday after Federal Reserve Chairman Jerome Powell signaled that an interest-rate increase from the central bank isn’t imminent, easing some concern over rising bond yields.
Mr. Powell told lawmakers that inflation remains soft, tamping down recent fears of a policy shift by the central bank following a spike in bond yields.
The tech-heavy Nasdaq Composite Index was down 0.5% as of the 4 p.m. close of trading in New York. The S&P 500, which was down as much as 1.8%, was up by about 0.1%. The broad stock market index was earlier on course for its sixth consecutive session of declines, which would mark its longest losing streak in a year.
The Dow Jones Industrial Average, meanwhile, was up 14 points after falling as much as 363 points earlier.
Earlier in the session, the tech-heavy Nasdaq dropped as much as 4% and investor favorites including Tesla and Moderna logged double-digit losses. Portfolio managers said the moves marked a rotation out of the high-growth favorites of the past year and into more economically sensitive stocks such as banks and manufacturers.
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