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NEW YORK, May 26 Reuters U.S. stocks closed out Wednesdays session with modest gains as recent comments from Federal Reserve officials helped tamp down concerns about runaway inflation and kept bond yields in check.
Stocks such as Tesla and Alphabet, which have struggled in recent weeks as bond yields advanced due to rising inflation worries, were among the top boosts to the benchmark SP 500 index with the 10year U.S. Treasury note holding below the 1.6 level.
On Wednesday, Fed vice chair for supervision Randal Quarles said he was prepared to open talks on reducing the central banks emergency support measures, only to also stress the need to remain patient.
It feels like everybody is giving a very slow but choreographed message that things are improving, we can at least start talking about talking about tightening, said Andrew Mies, chief investment officer at 6 Meridian in Wichita, Kansas.
It could be that the wrong Fed governor says the wrong thing in the next couple of weeks and that kicks it off.
Higher yields pressure growth stocks, many of which are technology and techrelated, whose future cash flows are discounted at higher rates.
Unofficially, the Dow Jones Industrial Average fell 3.47 points, or 0.01, to 34,308.99, the SP 500 gained 5.62 points, or 0.13, to 4,193.75 and the Nasdaq Composite added…