U.S. stocks rose on Wednesday led by energy shares, as the market’s comeback rally extended into a third day.
The Dow Jones Industrials subtracted 16.48 points to 33,929.10.
The S&P 500 moved forward 3.82 points to 4,250.26
The NASDAQ climbed 33.07 points to 14,286.26, after closing at a record in the previous session.
Energy names including Exxon Mobil and Chevron climbed as oil prices continued to rise. Brent crude topped $75 a barrel to hit a two-year high on Wednesday. Diamondback Energy and Occidental Petroleum jumped about 4% each.
Many major technology names also traded in the green. Tesla jumped 4.5%, while Netflix gained over 1%. Facebook and Alphabet also traded higher.
The S&P 500 has risen 2% this week, bouncing back from a sell-off last week triggered by the Federal Reserve’s surprise policy shift. The central bank projected much higher inflation for the year than previously, while signaling two rate increases as soon as 2023.
For June, the S&P 500 and Nasdaq Composite are in the green, rising 1.2% and 4%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.
Fed Chairman Jerome Powell testified before the House of Representatives on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will be temporary.
Prices for 10-Year Treasurys were lower, raising yields to 1.49% from Tuesday’s 1.47%. Treasury prices and yields move in opposite directions.
Oil prices picked up 76 cents to $73.61 U.S. a barrel.
Gold prices recovered $9.70 to $1,787.10 U.S. an ounce.