By the close, the NASDAQ was the only major U.

S stock index in the session to lose ground, falling half a percentage point.

High flying tech stocks such as Apple and Amazon weight on the market for much of the day as investors instead rushed into shares that stand to benefit the most from a reopening economy.

The job is not done, Investors anxieties eased after Federal Reserve Chair your own Powell, in testimony before Congress, pushed back against concerns that inflation will become a threat and signaled no change to the central bank's easy money policies.

The main thing that we can do is continuous the court, um, the economy give it to support that it needs were still 10 million jobs below the level of payroll jobs before the crisis, there is still a long way to go.

Max Wolff, economist at Systematic Ventures, says investors are at an inflection point.

Yes, So the market has tended to see all the bad news as fabulous as an insurance that interest rates will stay in the near zero zone and policy will stay accommodative.

But I think it's starting to dawn on some people.

There's actually a reason for that which isn't so fabulous, which is that for a lot of folks, particularly the bottom 60 to 80% of the income distribution and for folks who are less able to work remotely and be kind of seamlessly employed before, during and after the pandemic, there's been a whole lot of loss here.

Tesla closed down more than 2% lower after sliding as much as 13% earlier in the session.

The electric car maker dropped amid the tech selloff and the decline of Bitcoin.

The company had recently announced it invested $1.5 billion into the crypto currency, which took a hit on Tuesday.

Meanwhile, home improvement retailer Home Depot posted better than expected quarterly earnings.

But it casts doubt on whether spiking sales, driven by consumers taking on do it yourself projects as they spend more time at home, are sustainable.

Going forward.