MTS Help Center

U.S. stocks climbed Wednesday, helped by banks and reopening stocks as the 10-year Treasury yield edged higher.

The Dow Jones Industrial Average rose 39.24 points, or 0.1%, to 35,405.50.

The S&P 500 added 0.2% to a new closing high of 4,496.19.

The Nasdaq Composite gained 0.1% to 15,041.86, also a new closing high.

Markets have been boosted by signs that delta variant cases could be peaking. Fundstrat’s Tom Lee said in a note to clients late Tuesday that the worst may be behind us, citing a falling positivity rate in Florida and Texas.

The highly anticipated Jackson Hole symposium kicks off Thursday, and central bankers may provide updates on their plan around tapering monetary stimulus. The Federal Reserve has been purchasing at least $120 billion of bonds per month to curb longer-term interest rates and jumpstart economic growth as the pandemic wreaked havoc on the economy.

Chairman Jerome Powell is slated to make remarks on Friday.

“Taper talk is the worry, but if inflation continues to run hot and economic data continues to be mixed the timing of tapering could get pushed,” noted Lindsey Bell, chief investment strategist at Ally Invest. “It’s unlikely that the Fed will force a taper on an economy that isn’t ready, and the outlook is becoming less certain with the rise of the delta variant.”

Bell added that the deciding factor could be August’s jobs report due Sept. 3, given that Covid cases have jumped in the past month as the delta variant spreads.

Several tech companies will report earnings on Wednesday after the market closes, including Dow component Salesforce. Box and Snowflake are also on deck.

Reference: CNBC