Stocks Rebound Led by Energy and Technology Shares: Markets Wrap

 Stocks Rebound Led by Energy and Technology Shares: Markets Wrap

(Bloomberg) — Technology and energy companies drove the rebound in stocks as traders sifted through mixed economic readings, with inflation still among the biggest worries. Oil climbed.

The S&P 500 rose after briefly falling on a report that service providers expanded at the second-fastest pace in data back to 1997, while cooling from the prior month. Peloton Interactive Inc. sank after a treadmill safety recall, while General Motors Co. rose on stronger-than-expected profit growth. Lumber futures extended their record rally — stoking concerns of inflation bleeding into the home-buying market.

Despite the unprecedented government spending that’s been authorized in response to the coronavirus pandemic, inflation is unlikely to get out of control, Federal Reserve Bank of Chicago President Charles Evans said. Fed Governor Michelle Bowman offered similar comments, suggesting the risk of prices running persistently above the central…

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