Stocks jumped to record highs Wednesday after testimony from Federal Reserve Chair Jerome Powell bolstered the case for easier monetary policy in the U.S.
The Dow Jones Industrial Average leaped 145.52 points to 26,929.01, a new record led by Chevron and American Express.
The S&P 500 gained 17.79 points to 2,997.42, to break temporarily above 3,000 for the first time ever as the energy and tech sectors outperformed.
The NASDAQ Composite spiked 69.48 points to 8,211.01, also an all-time high
Amazon shares rose 1.2% and broke above $2,000 per share. FedEx shares climbed more than 1% after Goldman Sachs added them to their conviction buy list.
In prepared testimony to the House Financial Services Committee, Powell said business investments across the U.S. have slowed “notably” recently as uncertainties over the economic outlook linger.
His testimony comes after the Fed opened the door to cutting rates at its previous monetary policy meeting in June. The central bank dropped the word "patience" in its statement then.
Prices for the benchmark 10-year U.S. Treasury stayed put, keeping yields at Tuesday's 2.06%.
Oil prices roared ahead $1.70 to $59.53 U.S. a barrel.
Gold prices recovered $8.90 to $1,409.40 U.S. an ounce.