Stocks Ended Higher after Powell Testimony

U.S. stocks ened sharply higher on Wednesday, with the Dow reaching a record high, after a second day of testimony from Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average jumped 424.51 points, or 1.35%, to 31,961.86. The S&P 500 rose 44.06 points, or 1.14%, to 3,925.43. The Nasdaq Composite gained 132.77 points, or 0.99%, to 13,597.97.

Oil futures settled at fresh 13-month highs Wednesday, as data from the U.S. government showed weekly crude supplies edged up on the back of a sharp decline in distillate inventories. West Texas Intermediate crude for April delivery rose $1.55, or 2.5%, to settle at $63.22 a barrel. April Brent crude climbed by $1.67, or nearly 2.6%, at $67.04 a barrel.

Federal Reserve Chairman Jerome Powell said the central bank’s focus was on supporting the U.S. economy and employment. During the question-and answer portion, he said that the central bank needs “actual data” showing the Fed moving closer to its goals before it would slow down the pace of bond-buying.

U.S. new home sales jumped by 4.3% in January over December, the Commerce Department reported Wednesday morning, far exceeding expectations as a jump in housing market activity last year extended into the beginning of the new year.