Stocks Ended Higher amid Fed Remarks

U.S. stocks ended mostly higher Thursday, with the Dow Jones Industrial Average and the S&P 500 each posting a record close after Federal Reserve Chair Jerome Powell amplified market expectations for a near-term cut to benchmark interest rates. The Dow Jones Industrial Average rose 227.88 points, or 0.85%, to 27,088.08. The S&P 500 advanced 6.84 points, or 0.23%, to 2,999.91. The Nasdaq Composite was down 6.49 points, or 0.08%, to 8,196.04.

Oil futures settled lower on Thursday, even as a tropical storm in the Gulf of Mexico cut oil output in the region by more than half. August West Texas Intermediate crude fell by 23 cents, or 0.4%, to settle at $60.20 a barrel. September Brent lost 49 cents, or 0.7%, at $66.52 a barrel.