Wall Street advances. Hopes of quicker economic recovery? Alpha News Call

Wall Street advances. Hopes of quicker economic recovery?

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Shares on Wall Street ended higher on Wednesday. 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.

On Wednesday, Powell told lawmakers it might require more than three decades to get to the central bank’s inflation objectives, signifying the Fed plans to leave interest rates unchanged for a while to come.

GameStop Corp stock, which was in the middle of explosive movements in late January by stocks discussed on a Reddit forum, more than doubled with no obvious catalyst. Volume was more than twice the 10-day moving average.

The U.S. Food and Drug Administration said on Wednesday Johnson & Johnson’s one-dose COVID-19 vaccine appeared safe and effective in trials, paving the way for its approval for emergency use as soon as this week.

GameStop Corp stock, which was in the center of explosive movements in late January by stocks discussed on a Reddit forum, more than doubled with no obvious catalyst. Volume was more than two times the 10-day moving average.

The Nasdaq index, which traded as much as 1.3 percent lower earlier in the session, recovered its footing by early afternoon and shut up. The Dow hit a record high earlier in the session.

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