Wall Street ticks higher, led by tech and smaller stocks

U.S. stocks are rising in afternoon trading Wednesday, as investors wait to hear the details about Washington’s next mammoth push for the economy.

The S&P 500 was up 0.8%, ahead of a speech later in the day where President Joe Biden is expected to discuss his plan to spend $2 trillion on strengthening the nation’s infrastructure, and how to pay for it. If the gain holds, it would be the first for the index since it set a record high at the end of last week.

The Dow Jones Industrial Average rose 62 points, or 0.2%, to 33,128 as of 1:53 p.m. Eastern time, and the Nasdaq composite was 1.9% higher.

Stocks of smaller companies were once again leading the way, as they have since last autumn on rising expectations for the economy. The Russell 2000 index climbed 1.5%. It’s up 12.9% for 2021 so far, nearly double the gain of the big stocks in the S&P 500.

Tech stocks and companies expected to deliver big growth in the future were helping to lead the way for the market. Apple climbed 2.6%, and Tesla rose 4.1%. It's a reprieve for the group, which led the market earlier in the pandemic but has since lost momentum amid a sharp rise in Treasury yields.

The 10-year Treasury yield inched up to 1.73%, though it remains close to its highest level since before the pandemic rocked markets a year ago. COVID-19 vaccinations and massive spending plans by Washington have raised expectations for supercharged economic growth and a possible rise in inflation, which has pushed yields higher.

In his speech in Pittsburgh later in the day, Biden is expected to give details about where he wants to steer federal dollars to rebuild roads, bridges and the electric grid. Such programs could mean gushers of revenue for everything from raw-material producers to electric-vehicle makers.

To...