Shares rose in Hong Kong, Shanghai, Seoul and Sydney. Bond yields held steady while oil prices advanced.
The plan comes on top of his proposal for $2.3 trillion in spending to rebuild roads and bridges, expand broadband access and launch other infrastructure projects. The yield on the 10-year Treasury, which influences interest rates on mortgages and other consumer loans, eased following the Fed's statement, slipping to 1.61% from 1.62% late Tuesday.The S&P 500 dropped 3.54 points to 4,183.18. The benchmark index hit an all-time high on Monday. The Dow Jones Industrial Average lost 0.5%, to 33,820.38. The tech-heavy Nasdaq gave up 0.3% to 14,051.03.
The expectations for a strong rebound, and rising prices for oil, lumber and other commodities, have also spurred concerns over inflation and the prospects for higher interest rates. Those worries have helped fuel a rapid rise in bond yields from where they were at the start of the year. Google's parent company, Alphabet, rose 3% after it said its profits doubled from a year earlier, helped by a surge of digital advertising revenue as more Americans shopped online during the pandemic. Visa rose 1.5% after reporting solid financial results.
Biotechnology company Amgen was among the biggest losers. It fell 7.2% after its first-quarter profits and revenue fell short of analysts' forecasts.