While stocks erased some of their loftier midday gains, both the Nasdaq and S&P 500 settled comfortably above breakeven on the heels of Federal Reserve Chairman Jerome Powell's Congress testimony, while the Dow was also modestly higher. Ever cautious in his remarks, Powell signaled interest rate rate cuts could still be coming in late 2024. A cooler-than-expected ADP jobs report also contributed to improved sentiment on Wall Street.

OIL, GOLD PRICES RISE AFTER POWELL REMARKS

Oil prices edged higher on Wednesday, as investor optimism regarding crude demand improved after Powell suggested interest rate cuts may be coming later this year. April-dated West Texas Intermediate (WTI) crude rose 98 cents, or 1.3%, to finish at $79.13 per barrel.

Gold prices also settled higher, and notched another record high on the heels of Powell's encouraging economic policy remarks. April-dated gold added $16.30, or 0.3%, to settle at $2,148.80 per ounce.

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