Wall Street advances. Hopes of quicker economic recovery?

On Wall Street, shares ended the day higher. Federal Reserve Chair Jerome Powell’s comments about inflation sparked a rotation into cyclical stocks, easing the selloff in technology-related stocks.

On Wednesday, Powell told lawmakers that it may take more than three decades to achieve the Fed’s inflation goals, which indicates that the central bank plans to keep interest rates unchanged for the foreseeable future.

The stock of GameStop Corp., which was discussed on a Reddit forum in late January and was in the middle of an explosive move, more than doubled without any obvious catalyst. More than twice the average daily volume.

As of Wednesday, the Food and Drug Administration had given preliminary approval to the Johnson & Johnson’s one-dose COVID-19 vaccine for emergency use as soon as this week.

The stock of GameStop Corp, which was at the center of a Reddit-related stock boom in late January, surged more than 200% with no apparent cause. The volume was more than twice as high as the average of the previous ten days.

Recovering from earlier losses of 1.3 percent, the Nasdaq index was back on its feet by early afternoon. In the first half of the day, the Dow hit a new record high.

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