NEW YORK – Shares on Wall Street ended higher on Wednesday, as 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.
The Nasdaq index, which traded as much as 1.3% lower earlier in the session, regained its footing by early afternoon and closed up. The Dow hit a record high earlier in the session.
GameStop Corp stock, which was at the center of volatile moves in late January by shares talked about on a Reddit forum, more than doubled with no obvious catalyst. Volume was more than two times the 10-day moving average.
Powell told law…
Keep on reading: Wall Street finishes up as Fed’s Powell soothes inflation fears