US close: Nasdaq clinches record close, S&P briefly tops 3,000
US stocks closed in the green on Wednesday following Federal Reserve chair Jerome Powell's testimony to the House Financial Services Committee.
At the close, the Dow Jones Industrial Average was up 0.29% at 26,860.20, while the S&P 500 was ahead 0.45% at 2,993.07 and the Nasdaq Composite clinched a record close at 8,202.53 after a 0.75% gain in the session.
The Dow closed 76.71 points higher on Wednesday, while the S&P 500 briefly broke above 3,000 for the first time in history and the Nasdaq closed at an all-time high, as investors digested the key testimony from Powell.
Powell signalled that the door was wide open to policy easing, telling lawmakers that there were increased risks bearing down on the US economy from overseas even as price pressures remained muted.
In his semiannual Monetary Policy Report to Congress, the Fed chair said global crosscurrents related to growth and trade had reemerged since policymakers met in May, with apparent progress on trade having since turned into greater uncertainty and with the central bank's contacts in business and agriculture reporting heightened concerns over trade developments.
"Since [the May policy meeting], based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the US economic outlook. Inflation pressures remain muted," he said.
"And there is a risk that weak inflation will be even more persistent than we currently anticipate."
The Fed also released minutes from its June policy meeting on Wednesday, reiterating that the case for easier monetary policy had strengthened.
Elsewhere, Donald Trump took to Twitter on Wednesday, claiming that Iran was in violation of the "terrible" $150bn deal made by John Kerry during the Obama administration, accusing it of secretly "enriching".
"Iran has long been secretly 'enriching', in total violation of the terrible $150bn deal made by John Kerry and the Obama Administration. Remember, that deal was to expire in a short number of years," said the President.
Trump then went on to state that sanctions would soon be increased, "substantially".
In corporate news, Amazon shares rose 1.46%, topping out at $2,017.41 per share, while FedEx shares closed 0.50% firmer after analysts at Goldman Sachs added the group to its 'conviction buy' list.
Tesla shares picked up 3.85% after the electric carmaker told employees to prep for an increase in production.