U.S. stocks closed out Wednesday's 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 (TSLA.O) and Alphabet (GOOGL.O), which have struggled in recent weeks as bond yields advanced due to rising inflation worries, were among the top boosts to the benchmark S&P 500 index with the 10-year 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 bank's 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."