U.S. Stocks Edge Higher; Treasury Yields Decline: Markets Wrap
- Fed chair says recovery hasn’t progressed enough to scale back
- Dollar weakens versus most major peers; crude oil tumbles
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Megacap tech stocks led the S&P 500 marginally higher and bond yields fell as investors turned to defensive favorites with Federal Reserve Chairman Jerome Powell making the case for maintaining economic stimulus.
The S&P 500 closed slightly higher with Powell emphasizing in Congressional testimony that the U.S. economic recovery still hasn’t progressed enough to begin scaling back asset purchases. Apple, Google parent Alphabet and Microsoft hit record highs. Bank of America dropped after second-quarter earnings failed to impress investors, while Wells Fargo & Co. gained.