The major indexes are extending their strong recovery following last week's selloff, with the Dow this afternoon landing a 68-point pop. The Nasdaq meanwhile, made some headway, erasing its morning losses and hitting a fresh record high, as tech investors brushed off the probe into Alphabet's (GOOGL) advertising unit. The S&P 500, meanwhile, settled just within a chip-shot of a fresh record. 

Wall Street's attention was focused on Federal Reserve Chairman Jerome Powell's testimony before the House of Representatives, which occurred this afternoon, though the central bank leaders remarks were released late Monday night -- hinting at the removal of some of the emergency stimulus measures put in place by the Fed during the pandemic. Meanwhile, Bitcoin (BTC) saw another day of wild price action -- dropping below the $30,000 level earlier in the session, before turning positive later in the day, closing just below $33,000.

The Dow Jones Average (DJI - 33,945.58) tacked on 68.6 points, or 0.2% for the day. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 1.8%, while Merck & Co (MRK) fell to the bottom, shedding 0.7%.

Meanwhile, the S&P 500 Index (SPX - 4,246.44) added 21.7 points, or 0.5%. The Nasdaq Composite (IXIC - 14,253.27) added 111.8 points, or 0.8% for the day. 

Lastly, the Cboe Volatility Index (VIX - 16.66) dropped 1.2 points or 6.9%.

OIL DROPS AS OPEC+ PRODUCTION DECISION LOOMS

News that the Organization of the Petroleum Exporting Countries and their allies (OPEC+) is considering a further hike in production levels, beginning in August, is weighing on oil prices today. A final decision will be made on July 1, when OPEC+ holds its next meeting, but already the organization has put a plan in place that will slowly raise production levels starting in May. As a result, the now most active, August-dated contract dropped 27 cents, or 0.4%, to settle at $72.85 per barrel.

Yesterday's rebound in gold prices was short-lived, as the commodity took another nosedive today -- its third in four sessions. Uncertainty ahead of Fed Chair Powell's testimony to the House of Representatives likely weighed on the precious metal, while doubts on whether or not it can reclaim the psychologically significant $1,800 level also swirled. In turn, August-dated gold dropped $5.50, or 0.3%, to settle at $1,777.40 an ounce.