Federal Reserve Chair Jerome Powell's said in congressional testimony that it will likely be appropriate for the Fed to begin lowering interest rates at "some point this year," although he reiterated officials need "greater confidence" inflation is moving sustainably toward 2%. Powell said future interest rate decisions will be based on careful assessment of the incoming data, the evolving outlook, and the balance of risks.
At closing bell, the Dow Jones Industrial Average index advanced 75.86 points, or 0.2%, to 38,661.05. The S&P500 index added 26.11 points, or 0.51%, to 5,104.76. The tech-heavy Nasdaq Composite index was up 91.95 points, or 0.58%, to 16,031.54.
Total 9 of the 11 major S&P 500 sectors advanced, with utilities and information technology sector being top performers, rising 0.97% and 0.91%, respectively, while consumer discretionary sector was bottom performer, falling 0.4%.
Among economic data, report released by payroll processor ADP showed showing private sector employment rose by 140,000 jobs in February after climbing by an upwardly revised 111,000 jobs in January.
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