Stocks were moving higher on Wednesday, helped by a recovery in bank and industrial stocks. Bond yields were steady after rising earlier this week.
Investors continue to turn their attention to Washington, where Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen are speaking about the government’s stimulus efforts to combat the economic impact of the coronavirus pandemic. Both will speak in front of the Senate later Wednesday.
The S&P 500 index was up 0.7% as of 11:10 a.m. Eastern. The Dow Jones Industrial Average was up 1% and the Nasdaq Composite was effectively unchanged.
Bank stocks, which took a beating on Tuesday, were among the best performers.
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