An exchange-traded fund tracking the Nasdaq 100 Index jumped in late trading after Apple Inc. crushed revenue estimates and Facebook Inc. reported gains in sales and users.
Stocks ended the cash session lower after a back-and-forth day. The S&P 500 reached a session high after Jerome Powell said the central bank is not considering cutting back on asset purchases that have helped the economy recover from the pandemic. Treasuries rose after the Fed kept interest rates at zero and policy makers strengthened their view of the economy. Recent increases in inflation looked “transitory,” they said, reassuring investors that the central bank is in no hurry to tap the brakes on growth.