Investor Alert

London Markets Close in:

Feb. 24, 2021, 4:02 p.m. EST

Dow gains over 420 points to hit new all-time high after Powell testimony

U.S. stocks rose sharply on Wednesday as Federal Reserve Chairman Jerome Powell said the central bank's focus was on supporting the U.S. economy and employment. The S&P 500 (S&P:SPX) rose 44 points, or 1.1%, to end around 3,925. The Dow Jones Industrial Average (DOW:DJIA) gained 425 points, or 1.4%, to end near 31,962, based on preliminary numbers. The Nasdaq Composite (NASDAQ:COMP) rose 133 points, or 1%, to finish around 13,598. Like Powell, other senior Fed officials including Lael Brainard and Richard Clarida both sounded dovish on Wednesday, underlining the central bank's willingness to keep policy accommodative. Intuit Inc. (NAS:INTU) shares rose 3.5% after the financial-services company reported fiscal second-quarter results late Tuesday.

Link to MarketWatch's Slice.