Stocks Ended Higher, Dow Rose at Record

U.S. stocks closed higher on Wednesday, with the Dow rising to a record high close, following Federal Reserve Chair Janet Yellen’s congressional testimony to gradually raise interest rates. The Dow Jones Industrial Average rose 123.07 points, or 0.57%, to 21,532.14. The S&P 500 advanced 17.72 points, or 0.73%, to 2,443.25. The Nasdaq Composite gained 67.87 points, or 1.10%, to 6,261.17.

Oil prices settled higher Wednesday as U.S. government data confirmed a sharp decline in domestic crude supplies for a second week in a row. August West Texas Intermediate crude climbed 45 cents, or 1%, to settle at $45.49 a barrel. September Brent crude added 22 cents, 0.5%, to $47.74 a barrel.

Yellen’s speech was a nod to Wall Street as the Fed signaled it will gradually tighten policy and gradually unwind its massive balance sheet. A neutral interest rate level refers to one that neither encourages nor discourages economic activity.