U.S. stocks closed higher on Thursday, shrugging off early losses as commentary from Atlanta Fed President Raphael Bostic appeared to help lift stocks in afternoon trading. The S&P 500 SPX gained 29.96 points, or 0.8%, to 3,981.35, according to preliminary data from FactSet. The Dow Jones Industrial Average DJIA gained 341.73 points, or 1.1%, to close at 33,003.57. The Nasdaq Composite COMP rose by 83.50 points, or 0.7%, to finish at 11,462.98. Atlanta Fed President Raphael Bostic on Thursday said he was firmly in support of a 25 basis point rate increase at the Fed’s late-March policy meeting, and that the central bank could be in a position to pause rate hikes by the summer. The market suffered earlier as the yield on the 10-year Treasury note moved meaningfully above 4%.
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