Shares of technology companies rose after Federal Reserve Chairman Jerome Powell's comments during an interview with Carlyle Group Chairman David Rubenstein.
Mr. Powell warned that the unexpected jump in hiring in January revealed how tricky it would be to get inflation under control. Traders appeared to focus on the central banker's economic growth optimism rather than his warning that the Fed may have to keep raising rates above a previous estimate for a "terminal" rate.
Microsoft shares surged after the software giant said it would incorporate the technology behind the viral chatbot ChatGPT into its Bing search engine, attempting to capitalize on the viral popularity of the service.
Google parent Alphabet also rose amid anticipation of an "arms race" between the two premier artificial-intelligence suppliers.
Skyworks Solutions surged amid optimism about the outlook for the chip maker's Apple contracts outfitting a planned new 5G iPhone.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-07-23 1730ET
