The S&P 500 and Dow rose while the Nasdaq extended declines on Wednesday, with growth stocks adding to losses spurred after a key policymaker suggested interest rates might need to rise to prevent an economic overheating.  

[Click here to read what’s moving markets heading into Thursday, May 6]

The Dow added nearly 100 points, or 0.3%, to reach all-time intraday and closing highs. The Nasdaq lost 0.4% on Wednesday, after the index fell 1.9% during Tuesday’s regular session for its worst day since March. The S&P 500 ended slightly above the flat line. 

The sharp move lower in growth stocks a day earlier came after Treasury Secretary Janet Yellen suggested Tuesday that interest rates might need to rise to stave off an overheating in the economy, with economic activity picking back up much faster than expected as vaccinations take place and social distancing standards get eased. She added in later remarks, however, that a near-term…

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