Stocks close near highs as bond yields dip

World stock markets closed near record highs and US bond yields fell on Wednesday as some of US President Joe Biden’s stimulus efforts appeared to be on the rocks, boosting the appeal of technology stocks as inflation pressures ease.

A little-noticed ruling by Senate parliamentarian Elizabeth MacDonough in May said Democrats can only use “reconciliation” once in a fiscal year to circumvent legislation that requires 60 votes. Democrats passed Biden’s $ 1.9 trillion COVID-19 relief package in March through reconciliation.

Democratic fiscal packages in Congress are rapidly shrinking, leading …