Dow slides late in session, stocks book 2-day losing streak despite oil price rebound



S&P 500 slips as tech stocks pull market lower

The S&P 500 closed lower on Wednesday, unable to halt the prior day’s selloff, as investors set aside optimism about the economic recovery by Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen. The remarks by the top two U.S. economic officials mirrored what they told Congress the day before, with Powell saying on Wednesday the most likely case is 2021 will be “a very, very strong year.” Wall Street has seesawed this week as a months-long rotation into economically sensitive energy and financial shares, which have gained on a growing outlook, was upended by falling bond yields that prompted beaten-down technology stocks to rise.