Investors continued to brood over the prospect of higher interest rates on Wednesday. The Dow lost 58 points but pared a triple digit deficit, while the S&P 500 and tech-heavy Nasdaq managed to close in positive territory despite spending most of the afternoon in the red. As Federal Reserve Chair Jerome Powell's two-day testimony wrapped up, a hotter-than-expected private payrolls report for February pointed to a strong economy.

LOWER U.S. CRUDE SUPPLIES FAIL TO BOOST OIL PRICES

Oil prices fell again on Wednesday, as investors brushed off the first weekly drop in U.S. crude supplies in 11 weeks, per the Energy Information Administration (EIA). Weighing on black gold was Fed Chair Powell's hawkish stance. April-dated crude dropped 92 cents, or 1.2%, to close at $76.66 per barrel.

The possibility of higher interest rates also impacted gold prices, which settled lower as the greenback continued to gain strength. April-dated gold lost $1.40, or about 0.1%, to close at $1,818.60 per ounce.

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