Tuesday saw the major benchmarks swing on both sides of the tape until ultimately finishing higher following remarks from Federal Reserve Chair Jerome Powell. In his statement before the Economic Club of Washington, D.C., Powell said the disinflationary process is working, but "it has a long way to go," and noted that surprising economic data -- like last week's red-hot jobs reading -- could force the central bank to raise rates even further.

OIL PRICES LOG HIGHEST CLOSE IN A WEEK

Oil prices settled at a one-week high, as investors looked towards China's growing demand and supply concerns following the earthquake in Turkey. As a result, March-dated crude added $3.03, or 4.1%, to settle at $77.14 per barrel.

Gold prices ticked higher as well, after Powell's comments caused the U.S. dollar to pause. April-dated gold tacked on $5.30, or 0.3%, to settle at $1,884.80 per ounce.

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