- US equities extended their rally into a sixth day, putting the S&P 500 within reach of an all-time high, it gained 0.4% as traders weighed company earnings against risks from inflationary pressures.

- Verizon Communications and Anthem were higher after better-than-expected results.

- Meanwhile, Novavax plunged on another vaccine delay, and Netflix was lower after an underwhelming outlook.

- The gains come on the heels of the S&P 500’s best start to an earnings season in the last two years with the index gaining about 3.6% in the first week. Solid corporate results have helped counter concerns stemming from elevated inflation, driving stocks higher.

- Also, crypto shares also rose as Bitcoin surpassed its previous record.

- The yield on the 10-year Treasury note was little changed as corporate earnings have taken some of the spotlight away from concerns about stagflation - the combination of lower growth and higher inflation. Still, clouds are gathering over the economic recovery in the face of higher energy costs, global supply-chain bottlenecks and reduced central bank support.

- The dollar continued to weaken against major peers on Wednesday as traders increased bets that central banks around the world will raise interest rates before the Federal Reserve to combat price pressures.

- Fed's Quarles said the Fed is not “behind the curve” with its monetary policy and said he still views current price increases as “transitory.”

- Oil gained in New York as inventories fell. Base metals declined after China launched a blitz of measures to tackle the energy crisis.

- Elsewhere, Congressional democrats made headway in breaking a stalemate on the president’s multitrillion-dollar tax and spending package.