As Federal Reserve officials reiterated their commitment to lowering inflation, technology stocks propelled US stocks higher.
Even with financials under pressure, the S&P 500 gained 0.6%, while the tech-heavy Nasdaq 100 gained 0.9%, extending the bull market. Treasuries were little changed, and the dollar fell against the major currencies.
The gains come as market participants digested a round of Fed commentary implying that more monetary tightening was required, despite the failure of three US banks earlier this month. According to Boston Fed President Susan Collins, tightening is required. Richmond Fed President Thomas Barkin stated that if inflation risks persist, the Fed may raise interest rates further. And Minneapolis Fed President Neel Kashkari stated that he is committed to getting inflation back to 2%, but that the impact of the financial-system turmoil is not yet clear.