U.S. stocks were mixed after the opening bell, as investors awaited comments from Federal Reserve Chairman Jerome Powell.
The S&P 500 climbed 0.3% after closing at its 18th record this year on Wednesday. The Nasdaq Composite advanced 0.8%, while the Dow Jones Industrial Average slipped 0.1%.
Stocks have started the second quarter on strong footing, with the S&P 500 rising 2.7% this month. The largest tech companies have surged ahead as the bond market calmed, easing concerns about the high valuations of growth stocks. Fed policy makers’ comments, released on Wednesday, highlighted their intention to continue with easy monetary policies until the economy has recovered more.
“The dynamic remains supportive for stocks,” said Adrien Pichoud, a portfolio manager and chief economist at SYZ Private Banking. “The Fed and central banks in general are perceived to be in no rush to raise rates.”
At 12 p.m. ET, Mr. Powell will be speaking about the global economy at the International Monetary Fund’s virtual spring meetings.
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