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Investing.com – Wall Street climbed Wednesday, led by tech as optimism over an economic recovery overshadowed an ongoing rise in infections across parts of the U.S. that threatened to slow the pace of economic reopening.
The Dow Jones Industrial Average rose 0.20%, or 53 points, the S&P 500 gained 0.40%, while the Nasdaq Composite added 0.89%.
A rise in infections in some states, including Arizona, Florida, and Texas, put travel and tourism stocks on the backfoot as concerns mount that lawmakers may move to roll back the relaxation of some restrictions.
United Airlines (NASDAQ:UAL), Royal Caribbean Cruises (NYSE:RCL) and Marriott International (NASDAQ:MAR) were among the worst hit.
Energy was among the biggest decliners as renewed concerns about crude demand were exacerbated by a surprise build in weekly crude supplies.
Weekly U.S. crude supplies climbed by 1.2 million barrels last week, confounding expectations for a draw of 152,000 barrels.
In tech, meanwhile, social media companies largely shrugged off reports that the Department of Justice was looking into reforms that aim to weaken a legal protection that shields them from liability over content posted on their platforms.
Facebook (NASDAQ:FB), Twitter (NYSE:TWTR) and Snap (NYSE:SNAP) traded above the flatline, with latter up more than 4%.
On the monetary policy front, Federal Reserve Chairman Jerome Powell, in testimony before the House Financial Services Committee, said that the Fed will move away from buying exchange traded funds (ETFs) and invest mostly in individual corporate bonds.
“Over time we’ll gradually move away from ETFs and move to buying bonds,’ Powell said, according to CNBC. “It’s a better tool for supporting liquidity and market functioning.”
